CIM Group borrows $83M from Pacific Western Bank for Dominick hotel in Soho

CIM Group through the entity 246 Spring Street (NY), LLC as borrower signed a loan agreement with lender Pacific Western Bank valued at $83.0 million for 280 parcels, including the tax class timeshare (TS) at 246 Spring Street in Soho. The deal closed on September 27, 2019 and was recorded on October 15, 2019.
The property contains a total of 823 square feet of built space.
The average loan per buildable square foot is $374.
The Dominick hotel was developed as the Trump Soho Hotel Condominium by the Trump Organization and developers Tamir Sapir and the Bayrock Group. CIM acquired the hotel in 2015 and rebranded it the Dominick.. In February, Bloomberg reported that CIM was exploring a sale of the hotel. The prior lender, iStar, assigned its loan that as of 2015 had a maximum value of $90 million, to Pacific Western Bank.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.