- Posted at 7:18, December 27, 2013
- By Quidnunc Staff
Los Angeles developer CIM Group posted a press release early this week detailing a Lower East Side deal. The firm, which has a Madison Ave. office, teamed with a venture run by Larchmont, N.Y.-based, national firm, L+M Development Partners, and Citigroup's Citi Community Capital (see http://www.citibank.com/icg/sa/citicommunitycapital), which both focus on affordable housing projects and inner-city development, to 265-275 Cherry St.
The two-building apartment property has 490 subsidized housing units under the Section 8 HUD program under which the U.S. Department of Housing and Urban Development provides assistance in the form of rent vouchers to low income, elderly and disabled people. The three companies say in the press release that they will maintain the Section 8 designation.
The press release, which can be read in full on CIM's website, HERE, says it is CIM’s third buy this year in lower Manhattan. The others were a June acquisition of a 26-story office building at 2 Rector St., and the August acquisition of a 25-story office building at 5 Hanover Square, a 25-story office building.
CIM's partner on the project is the NYAH Preservation Fund, which is described as "a real estate private equity platform formed between L+M Development Partners and Citi Community Capital to invest in multifamily housing in the New York City metro area."