85 Jay St., Brooklyn, NY 85 Jay St. in Brooklyn’s DUMBO neighborhood, CIM Group and LIVWRK construction site/photo by Google Maps

NEW YORK CITY—CIM Group closed on a more than $600 million loan for the construction of a Morris Adjmi-designed mixed-use project at 85 Jay St. The complex will be built across more than three acres in Brooklyn’s DUMBO district. J.P. Morgan Chase Bank is providing the loan.

Co-developed with LIVWRK, the development includes approximately 730 for-sale residential condominiums, multifamily apartments, 90,000 square feet of retail, community space and about 700 underground parking spaces. The residences will feature studio to four-bedroom units, roof-top pools, decks, lounges, a fitness center, entertainment and screening rooms, kids’ play areas, pet spas and a private park. Construction for the expansive development is already underway and expected to be completed in 2021.

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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