Last week the Los Angeles-based CIM Group struck a debt deal with the developers of the Trump Soho and their lender, iStar, which quieted the foreclosure rumors that have plagued the controversial condo-hotel for months. Apparently everyone got along swimmingly, because the same parties have reunited to do another deal at William Beaver House, the Financial District's favorite swingin' boom-era fornication fortress. CIM bought the iStar-owned debt on the 209 unsold condos in the tower, the Post's Lois Weiss reports, and now Willy Beav developer the Sapir Organization (co-developer of Trump Soho as well), can breathe a bit easier and focus on sales?or those other legal troubles. "CIM just invested in two of the finest new buildings in the TriBeCa and downtown market," one investment sales broker told the Post, we're guessing between giggles.
· Beaver House bailed out [NYP]
· William Beaver House coverage [Curbed]