CIM Provides $120M Construction Loan for Redevelopment of Manhattan Residential Tower
NEW YORK CITY — CIM Group has provided a $120 million construction loan for the redevelopment of 685 Fifth Avenue, a 115,330-square-foot multifamily and retail property in Manhattan. The borrower, a partnership of developer-owners SHVO, Bilgili Group and Deutsche Finance, will redevelop and rebrand the residences as 69 Mandarin Oriental and will construct 10 additional floors for the tower. Originally built in 1928, the 20-story building was the former headquarters of Gucci, and current retail tenants include apparel and accessory retailers Coach, Stuart Weitzman and Tag Heuer. Construction is slated for completion in 2021.