CIM buys iStar debt at Beaver House

William Beaver House and Andre BalazsAnother iStar-backed Sapir Organization project is getting a shot in the arm from Los Angeles-based CIM Group. According to the Post, CIM has purchased the $60 million face-value loan on 209 unsold condominiums at the Financial District’s William Beaver House for an undisclosed price. It’s unclear whether iStar will maintain a stake in the project, designed by Andre Balazs at 15 William Street. Last week, CIM helped Sapir and partner Bayrock Group pay down iStar’s debt on their Trump Soho condominium-hotel. [Post]