Michael Shvo, Deutsche Finance and Bilgili Group borrow $120M from CIM Group for development of 685 Fifth Avenue

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. The deal closed on December 11, 2019 and was recorded on January 9, 2020.
The property contains a total of square feet of built space.
The average loan per unit is $1,739,130.
The last time the property sold was July 13, 2018, for $135,000,000.
This is a construction loan.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link