CIM signs $245M refi in Brooklyn Heights

CIM Group through the entity 25-30 Columbia Heights (Brooklyn), LLC as borrower signed a refi loan with lender JPMorgan Chase and an affiliate of CIM Group, Panorama (Brooklyn) Lender LLC, valued at $245 million for four properties including the office building (O6) at 25 Columbia Heights, 51-67 Furman Street and a vacant lot (V1), all in Brooklyn Heights, Brooklyn.
The deal closed on March 31, 2025 and was recorded on April 3, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $335 million.The four properties have 679,846 square feet of built space and 4,680 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $360 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.) The total debt was $335 million in 2019.
The signatory for CIM Group was David Thompson . The signatory for JPMorgan Chase and CIM Group was Roni Kotel and David Thompson .

Prior sales and revenue

Out of the four properties, two with a total of 679,846 square feet of built space generated revenue of $36.5 million per year.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation, $15,000 in ECB penalties, and $25,425 in OATH penalties in the last year.

Development

For the tax lot buildings, two out of the four buildings received a initial certificate of occupancy in the last ten years. On these lots, there are three active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 2,531 square feet. The largest, 321194346, is a major alteration project for a 387,198 square-foot B building submitted by Aaron Lemma with plans filed July 12, 2017 and permitted February 15, 2018. The second largest, 321194257, is a major alteration project for a 253,777 square-foot B building submitted by Aaron Lemma with plans filed July 11, 2017 and permitted January 26, 2018.

The neighborhood

In Brooklyn Heights, The bulk, or 26 percent of the 12.1 million square feet of commercial built space are office buildings, with elevator buildings next occupying 23 percent of the space. In sales, Brooklyn Heights has 1.8 times the average sales volume among other neighborhoods with $491.6 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Brooklyn Heights has near average amount of major developments among other neighborhoods and is the 16th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block of 25 Columbia Heights, PincusCo has identified the owner of the one commercial property that spans that spans 274,426 square feet on the block.The identified owner is Livwrk.
There are no active new building construction projects on this tax block.

All properties are office.

The borrower

The PincusCo database currently indicates that Cim Group owned at least seven commercial properties with 732 residential units in New York City with 2,631,832 square feet and a city-determined market value of $507 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 2,631,832 square feet of built space are office properties, with D6 properties next occupying 43 percent of the space. The bulk, or 69 percent of the built space, is in Brooklyn, with Manhattan next at 31 percent of the space.

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