NEW YORK CITY-Bayrock/Sapir Organization LLC, the partnership developing the Trump SoHo hotel condominium project, has recapitalized its debt on the property. The CIM Group has provided new debt financing on the 46-story tower at 246 Spring St, extending all indebtedness on the project; terms were not disclosed.

The Wall Street Journal reported that CIM agreed to pay down about $85 million, representing about one-third of the senior loan held by locally based iStar Financial Inc. Through a spokeswoman, Bayrock/Sapir declined to comment on the WSJ report.

In a release, iStar EVP Barclay Jones counts his company “pleased to have successfully recapitalized this unique asset. We believe the Trump SoHo development team will ensure the long-term success of this irreplaceable asset.”

The Trump organization, which has an equity stake in the project through a licensing and hotel-management agreement with the Bayrock/Sapir partnership, will continue to manage the property as it has since the hotel component opened this past April. Donald J. Trump says in a statement that the recap represents “an homage to the success of the property, the hotel and its operation and a sign of the confidence in the long-term viability of this project.”

Condo sales at Trump SoHo will continue to be marketed by Prodigy International. Rodrigo Nino, Prodigy’s president, says in a statement that the recap will assure prospective buyers that the project “is financially on stable footing.”

The debt financing on Trump SoHo marks the second foray into Manhattan this year by Los Angeles-based CIM. In January, it acquired a Park Avenue development site from Macklowe Properties for a reported $305.4 million. The site was once the location of the Drake Hotel.