CIM Group ups recorded debt on 85 Jay to $345M from JPMorgan, Mack Real Estate

CIM Group through the entity 85 Jay Street (Brooklyn), LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank and Mack Real Estate Credit Strategies valued at $345.2 million for 85 Jay Street in Dumbo, Brooklyn. The deal closed on May 13, 2020 and was recorded on May 20, 2020.

At this time, JPMorgan chase provided an additional $27 million in a supplemental building loan mortgage. The in-place debt included a $131 million project loan and a $187 million acquisition loan. The last time the property sold was December 20, 2016, for $345,000,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $850,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link