Another iStar-backed Sapir Organization project is getting a shot in the arm from Los Angeles-based CIM Group

Another 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.

http://www.nypost.com/p/news/business/beaver_house_bailed_out_NvW4P9WwsxddQB1gEEBSMN#ixzz185nu8pIo

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