Shvo, partners land $120M construction loan for 685 Fifth Avenue

Financing for Mandarin Oriental project comes from CIM Group

TRD New York /
Dec.December 18, 2019 10:01 AM
685 Fifth Avenue and Michael Shvo (Credit: Shvo)

685 Fifth Avenue and Michael Shvo (Credit: Shvo)

Michael Shvo and his partners Deutsche Finance and Bilgili Group have landed a $120 million construction loan from CIM Group for 685 Fifth Avenue, the companies announced Wednesday.

Shvo and his partners purchased the property in 2018 for $135 million. It is the former Dorothy Gray Building and was previously the global headquarters for Gucci.

The developers got approval in February to convert the office portion of 685 Fifth Avenue into residential condos.  Mandarin Oriental Hotel Group will manage the new homes, making the project the country’s first standalone Mandarin Oriental residence.

The project will convert 100,000 square feet of office space at the building into 69 luxury condos, to open in 2021. The team will add 10 floors to the building, making it 30 stories tall. Lower floors will feature retail space.

This is the second recent major construction loan for Shvo, who closed on $190 million from ACORE Capital in October for 9200 Wilshire Boulevard in Beverly Hills, where he is working on a 54-unit condo.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

From left: 172 Madison Avenue, 100 East 53rd Street, Woolworth Tower, 53 West 53rd Street, 615 10th Avenue

Loan wolves: Bankers are stalking developers as debts come due

Pope Francis (Credit: WIkipedia, iStock)

Unholy real estate strategy: Catholic churches shuffle properties to shield billions from sex abuse victims, report says

(Credit: iStock)

Real estate created the Chinese elite. Here’s what happens next

160 Imlay Street

Est4te Four gets $74M inventory loan for Red Hook condo

Wharton Properties' Jeff Sutton, Thor Equities' Joe Sitt, 530 Broadway and Michael Shvo

Jeff Sutton and Joe Sitt are selling 530 Broadway for $400M

As crowdfunding startups rethink their business model, many are becoming more like traditional real estate investment firms (Credit: iStock)

To survive, crowdfunding firms are remaking themselves

arrow_forward_ios
Loading...