Hawkins Way signs $69M refi with CIM Group in Brooklyn Heights

Hawkins Way Capital through the entity 119 Columbia Eights Leasehold, LLC as borrower signed a refi loan with lender CIM Group through the entity Cim Re Lending Sub, LLC valued at $69 million including the dormitory (H8) at 97 Columbia Heights in Brooklyn Heights, Brooklyn, and the office building (O2) at 119 Columbia Heights in Brooklyn Heights, Brooklyn.
The deal closed on December 15, 2021 and was recorded on January 3, 2022.
The four properties have 120,378 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $573 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 signatory for Hawkins Way Capital was Karan Suri. The signatory for CIM Group was Nathan DeBacker.
CIM has provided at least one other loan in New York City. It was in December 2019 Michael Shvo, Deutsche Finance and Bilgili Group through the entity BSD 685 New York Propco LLC as borrower signed a loan agreement with lender CIM Group through the entity Cim Real Estate Credit, LLC valued at $120 million for 1 parcel, including the tax class commercial condo recorded in Acris (CC) and containing 69 residential units at 685 5th Avenue in Plaza District.

Over the past five years, there have been 9 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 $50,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $6.6 million. One of the projects were to change the building from a J-0 to a R-2and change the number of residential units from 105 to 90.
The owners according to the Department of Housing Preservation and Development includes Andrea Colagrande, head officer and Camille Santiago, agent. The business entities are 334 E 79th St Llc and 97 Columbia Heights Llc.

Within a 400-foot radius of 97 Columbia Heights, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit issued on February 6, 2020 for the $15.5 million renovation of 121,340-square-foot R-2 building with 96 residential units at 124 Columbia Heights.
One of those four items was a sale which Eckstrom NYC bought the 7,126-square-foot, six-unit rental (C2) on 113 Columbia Heights for $5.6 million from Lonicera Partners on August 2, 2021.
Of those four items, two were loans above $5 million totaling $171.2 million. The most recent of the two was Vincent Viola which borrowed $89.2 million from Bank of America secured by the 152,600-square-foot, 98-unit rental (D1) on 128 Columbia Heights on July 10, 2020.

Direct link to Acris document. link