A joint venture led by SHVO along with partners Deutsche Finance and Bilgili Group has secured a $120 million construction loan from CIM Group for 685 Fifth Avenue.
The joint venture secured approval in February to convert the office portion of the building into 69 residential condos serviced by Mandarin Oriental Hotel Group.
Opening in 2021, the project will be the country’s first standalone Mandarin Oriental residence.
SHVO and its partners originally purchased the property in 2018 for $135 million. The building, formerly known as the Dorothy Gray Building, was previously the global headquarters for Gucci.
This is the second recent major construction loan for the joint venture. In October, it secured $190 million from ACORE Capital for 9200 Wilshire Boulevard in Beverly Hills
9200 Wilshire Boulevard is a seven-story, 54-unit condo development set for completion in 2021.