The CIM Group has acquired Lands End II, a Lower East Side subsidized apartment complex, from Pembroke Real Estate and Area Property Partners for $279 million.
Area and Pembroke jointly bought the site at 265-275 Cherry Street in 2008 for $170.8 million. Earlier this month, Lands End II residents secured affordable rental rates for 40 years, as previously reported.
Mortgage loan servicer Beech Street Capital arranged $175 million in financing for CIM.
Lands End II, built in 1979, features 449,000 square feet of rentable space.
Along with Macklowe Properties, CIM serves as sponsor of 432 Park, a 1,396-foot-tall building between East 56th and East 57th streets. [GlobeSt] — Mark Maurer