Daily limit: 0/10
Richard Ressler Of CIM Group Secures $48 Million Construction Loan From Bank OZK For 67 Irving Place
FINANCED
$48,000,000
New York
See Similar DealsOffice
Financed 10/08/2025
FINANCED
Richard Ressler Of CIM Group Secures $48 Million Construction Loan From Bank OZK For 67 Irving Place
67 Irving Place
See Similar DealsOffice
Financed 10/08/2025
Summary
NEW YORK
Asset Type:Office
Transaction Type:Loan
The property asset involved in this transaction is located at 67 Irving Place in the Gramercy market of Manhattan. CIM Group is converting the building into an 11-unit condo, encompassing a total of 49,125 square feet. A construction loan amounting to $48 million was secured for this project.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $48,000,000
- Lender: Bank OZK
- Landlord: Richard Ressler - CIM Group
- Asset Address: 67 Irving Place
- Market: Gramercy, Manhattan
- Loan Type: Construction
The key individuals involved in this transaction include Richard Ressler, who represents CIM Group, and Bank OZK, the lender providing the construction financing for the conversion of the property into residential units.
Players
Details
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Similar Deals
Contact
Get in touch with the broker you want
Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$48,000,000.00
Monthly NOI$320,000.00
Monthly Debt Service$303,392.65
Change in Cash Flow$0.00
Refinance Proceeds$0.00
Is there something missing? Send suggestions