Richard Ressler Of CIM Group Secures $48 Million Construction Loan From Bank OZK For 67 Irving Place
67 Irving Place
$48,000,000
Units
11
Asset Type
Office
Closing
Oct 8, 2025
About this deal
AI
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.
On the Map
$48,000,000
Office
View full map
Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
Loading comparables…
Deal FAQ
Browse New York office loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93