CIM Group and LIVWRK obtained financing of $335M from JPMorgan Chase Bank

CIM Group and LIVWRK through the entity 25-30 Columbia Heights (Brooklyn), LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank, National Association valued at $335.0 million for 4 parcels, including the tax class office bank building designed exclusively for banking (O6) at 29 Columbia Heights, 51 Furman Street, 67 Furman Street in Brooklyn. The deal closed on August 22, 2019 and was recorded on August 30, 2019.
The property contains a total of 304,650 square feet of built space. The property has 4,680 square feet of available development rights.
The average loan per buildable square foot is $345.
The last time the property sold was August 03, 2016, for $340,000,000 to CIM and partners, and they obtained a $375 million acquisition and rehabilitation loan. The new loan is $40 million less than that loan.

Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $7,830,495. There were 15 renovation/alteration projects (A2) applied for with a total estimated value of $7,432,864.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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