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Report: CIM Group funds New York REIT-asset buy with $360M Blackstone loan

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Report: CIM Group funds New York REIT-asset buy with $360M Blackstone loan

CIM Group closed its acquisition of New York REIT's 1440 Broadway property in Manhattan, N.Y., with a $360 million loan from Blackstone Group LP, Commercial Observer reported, citing unnamed sources.

The $520 million sale of the property, which closed Dec. 19, was agreed in early November.

The property was encumbered by a $305.0 million mortgage loan, which was paid off at the deal closing. New York REIT saw net proceeds of about $192.9 million from the transaction.

The $360 million floating-rate loan, which was made at 60% loan-to-cost, has a five-year term, the Dec. 20 report noted, citing the sources.

New York REIT has been selling its assets after it decided to liquidate in August 2016.