NEW YORK CITY-Los Angeles-based CIM Group is about to seize the defaulted loan valued at $29 million on a vacant lot on Madison Avenue situated at East 33rd Street. The company's deal to acquire the loan on the delayed development site in midtown south from Garrison Investment Group has not yet closed, but the firm is expecting to close the deal in a few weeks.
A year ago, Garrison purchased the note for an undisclosed amount from a lender. For the full story, go to Crain's New York Business .
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