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The financing replaces a $463m maturing commercial mortgage-backed securities loan that matured in June.
Prior to joining CIM, Shanley had long tenures at Haven Capital and SL Green Realty Corp.
The locally based investment management company has already committed that amount to high-quality office properties in the city.
The venture demonstrates an evolution in the way managers approach distressed situations, informed by multiple crises.
The funding will be used by Vanbarton Group to acquire and redevelop a Midtown office tower into a 441-unit residential property.
The partners tapped the CMBS SASB market to refinance maturing debt.
The PERE Podcast highlights the outcast sector’s renewed momentum in New York, London and beyond, featuring Savills research director Oliver Salmon.
RXR and Elliot Investment Management are purchasing 590 Madison Avenue for $1.08bn from the State Teachers Retirement System of Ohio.
A consortium headed by JPMorgan Chase, with Deutsche Bank and Morgan Stanley as co-lenders, originated the five-year loan.
The funding will be used by Keystone Group for two assets, one of which will be converted for residential use.