Los Angeles- based CIM Group has officially taken control of an extended-stay hotel tower at 47 East 34th Street, according to public records filed with the city today.
BridgeStreet Corporate Housing currently uses the building for extended-stay residences, though its $400,000-per-month lease is slated to expire on Dec. 31. CIM, which owned the defaulted note with a $93.2 million judgment, took control of the 36-story building for $54 million.
IStar Financial sold CIM the $84 million senior mortgage debt this year, after a final judgment was issued against the previous owner Esplanade Capital, according to court records and financial documents obtained by The Real Deal. As previously reported, iStar retained an investment in the property, with a $20 million loan to CIM. … [more]