CIM Group Buys Bankrupt Williamsburg Portfolio for $56M

CIM Group has acquired a portfolio of six buildings in Williamsburg, Brooklyn, out of bankruptcy.

CIM Group, through the entity 190 Berry (Brooklyn) Owner, bought the properties at 190 Berry Street and 103-113 North Third Street from Israel-based investment firm Leny Group for a total of $55.7 million, according to city records made public Wednesday.

CIM secured a $41.3 million loan from Truist Bank as part of the deal, records show.

David Thompson, chief financial officer at CIM Group, signed for the buyer, while Ephraim Diamond signed for the seller, which used the entity Leny Berry Holdings, according to records.

Eastdil Secured’s Gary Phillips, Will Silverman and Jeff Organisciak brokered the deal for the seller. CIM Group declined to comment, while spokespeople for Eastdil and LENY Group did not immediately respond to requests for comment.

Leny bought the portfolio of buildings on the corner of North Third and Berry streets for an undisclosed amount in 2016, but placed the properties into bankruptcy protection last year to avoid a foreclosure sale tied to a $69.8 million default on the portfolio, PincusCo reported.

The Williamsburg portfolio spans more than 100,000 square feet — including 36,000 square feet of retail space — and 40 residential units across six adjacent buildings, according to LENY’s website.

Current retail tenants of the buildings include beer garden Radegast Hall & Biergarten at the base of 113 North Third Street and shoe store Maguire Shoes on the ground floor of 190 Berry Street.

Isabelle Durso can be reached at idurso@commercialobserver.com.