July 9, 2018
The first week of July may have been a holiday week, but that didn’t bring mega-deal flow to a standstill. Two transactions of about $600 million closed locally: CIM Group’s construction loan from JPMorgan Chase on its 85 Jay St. mixed-use project in Brooklyn’s DUMBO neighborhood; and the surprise buy of the Plaza Hotel (pictured) by Katara Hospitality, a Qatar government fund.
The 85 Jay MXU, a co-development with LIVWRK, will include 730 apartments in a mix of for-sale and rental, along with 90,000 square feet of retail. “Securing this loan from JPMorgan is another milestone for this significant project that will add to the vibrancy of the neighborhood,” said CIM principal Avi Shemesh.
Katara’s Plaza acquisition, arranged by JLL, came after two separate partnerships had announced deals for the iconic property within a week in early May. The Plaza is now listed on Katara’s website as its only U.S. asset.
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