Richard Ressler Of CIM Group Secures $48 Million Construction Loan From Bank OZK For 67 Irving Place

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.