BROOKLYN, N.Y.--(BUSINESS WIRE)--CIM Group announced today that it has closed on a loan of more than $600 million provided by J.P. Morgan Chase Bank, N.A. for the construction of the Morris Adjmi-designed 85 Jay Street mixed-use project situated on more than three acres in Brooklyn’s DUMBO neighborhood. The project, consisting of residential for-sale condominiums, multifamily apartments, retail and community facility space in addition to below-grade parking, is being co-developed with LIVWRK. Site work has already commenced.
Upon completion, the project will include approximately 730 residential condominium and apartment homes, approximately 90,000 square feet of retail space, and approximately 700 parking spaces. Residences will range from studios to four-bedroom units, with an extensive amenity package including roof-top pools, decks and lounge spaces; fitness center; game, entertainment, and screening rooms; resident storage and bike rooms; kids’ areas; pet spas; and a landscaped private park.
“Securing this loan from J. P. Morgan is another milestone for this significant project that will add to the vibrancy of the neighborhood by activating a long-barricaded parking lot and providing new residences and retailers for this fast-growing community,” said Avi Shemesh, Principal and Co-Founder of CIM Group.
The prime locale of this 135,000-square-foot full block site bounded by Front, York, Jay and Bridge Streets at the base of the Brooklyn and Manhattan Bridges and within the Brooklyn Tech Triangle makes it one of the most desirable properties in Brooklyn. The property is across the street from the York Street subway station and is steps away from the Brooklyn Bridge Park.
For more than a decade, CIM Group has been an active owner and developer in the New York metropolitan area, and 85 Jay Street was the firm’s second acquisition in Brooklyn. With LIVWRK, CIM Group also owns and is co-developing Panorama, a mixed-use office and retail campus encompassing approximately 740,000 square feet across two city blocks at 25–35 Columbia Heights in Brooklyn Heights as well as 109 Montgomery, a 163-unit ground-up residential condominium project in Crown Heights. CIM also owns and operates 16 Court Street, a 36-story, 333,000-square-foot office building in Brooklyn Heights.
85 Jay is anticipated to be complete in 2021.
ABOUT CIM GROUP
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $56 billion of projects in communities across the Americas on behalf of its own account and its partners, co-investors and shareholders. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and asset management experience in urban real assets, net-lease assets and other associated credit strategies. CIM’s disciplined approach and extensive in-house expertise creates value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.
Founded in 2013, LIVWRK is a principal-based real estate company concentrated on mixed-use urban development. The company practices handcrafted development, meticulously planning every element of the design and engineering process from the beginning of a project to its completion. Since inception, LIVWRK has been involved in eight transactions; it is currently developing over 3M square feet with over $1 billion in capital committed and invested.