CIM Group is bailing out another Sapir Organization project.
Sources tell The Post that Los Angeles-based CIM has bought the iStar-owned debt on the unsold luxury condominiums at the William Beaver House in the Financial District.
The face loan was $60.066 million but the sales price has not been made public. It’s also not clear if iStar will retain a position in the deal.
Just last week, CIM teamed with Sapir and its partner, Bayrock Group, to substantially pay down the iStar-held debt on the Trump SoHo Hotel.
William Beaver House, designed by Andre Balazs at 15 William St., was one of the most talked about upscale condominium projects, thanks in part to its sexy cartoon advertisements.
But it never caught on with the couples it was supposed to attract.
According to public records, just 111 units have been sold out of the project’s 334, although some may be under contract. The deal encompasses 209 units, a source said.
“CIM just invested in two of the finest new buildings in the TriBeCa and downtown market,” said Richard Baxter, an investment sales broker with Jones Lang LaSalle, who was not involved in the deal. “They had to sort out the debt before they could get [sales] done.”
CIM and the Sapir Organization didn’t return calls for comment, nor did the current sales brokerage, Prodigy Network, which also handles sales at the Trump SoHo.
