Press releases

CIM Provides $120 Million Construction Loan to Joint Venture Led by SHVO, Bilgili Group, and Deutsche Finance for Development of Mandarin Oriental-branded Residences at 685 Fifth in Midtown Manhattan

SHVO, Dec 18, 2019

CIM Group, a community-focused real estate and infrastructure owner, operator, developer, and lender, and a joint venture led by SHVO, Bilgili Group, and Deutsche Finance announced today that they have closed on a $120 million construction loan provided by CIM for the adaptive re-use of the historic 685 Fifth Avenue in Manhattan. The building will become home to the Mandarin Oriental brand’s first standalone residences in the Americas, while its lower floors remain premium retail.

The Beaux Arts tower on the Southeast corner of Fifth Avenue and 54th Street was originally built in 1928 and was known as the Dorothy Gray Building after one of the top cosmetic pioneers of the 1920s. Upon completion of the redevelopment anticipated in 2021, 685 Fifth will become 69 Mandarin Oriental residences. Restoration and development of the building is currently underway with ten additional floors being added to the tower.

The historic 685 Fifth sits in the heart of New York’s luxury retail core, a short walk from Central Park, and nestled among some of the world’s most luxurious hotels. It was once the headquarters of Gucci, and today, flagship retailers such as Coach, Stuart Weitzman, and Tag Heuer occupy the building’s lower floors.

The project is led by developer-owners SHVO with Bilgili Group and Deutsche Finance. Investors include Bayerische Versorgungskammer (“BVK”), one of the largest institutional investors in Germany and a top ten pension fund in Europe. The group recently purchased the former Coca-Cola Building at 711 Fifth Avenue. Earlier this year, the group purchased the historic Raleigh, Richmond, and South Seas Hotels in Miami Beach.

As an owner, developer, and operator of commercial properties, CIM also is a lender providing construction, bridge, and repositioning loans to developers of condominiums, apartments, hotels, mixed-use, and entertainment projects in major markets across the United States.


About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in metropolitan communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and property management experience in real assets located in and serving densely-populated communities, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit


About SHVO
SHVO brings an atelier-like experience to real estate development, fueled by a discerning eye for design excellence and a passion for quality in every detail. With more than $5 billion under development, SHVO is dedicated to creating extreme value by bringing innovative concepts to life in premier locations for exclusive clientele. Founded in 2004, SHVO has been involved in the envisioning, planning, sales and marketing of more than $15 billion of prime real estate, spanning more than 80 million square feet. SHVO projects have pioneered innovations that continue to be emulated and set new standards throughout the world. Based in New York City, SHVO was founded in 2004 by Michael Shvo, who remains its Chairman and CEO. For more information, please visit


About Bilgili Group
Bilgili Group is a leading real estate focused Turkish conglomerate and BLG Capital is its independently managed private equity real estate arm founded in 2011. BLG Capital’s investment and asset management team has raised and invested more than $500 million equity in Turkey since 2011 and the two firms have over $3 billion of assets under management combined. The firms have a long track record in real estate investments in different asset classes such as hospitality, student housing, city-center mixed-use projects, office, high end residential and other commercial properties. Backed by its institutional investor base, the companies aim to integrate new and unique concepts into the markets they operate in and also execute strategic partnerships with leading global brands such as Marriott, Soho House, The Peninsula, Aman Resorts and Dogus Group. The investment portfolio includes W Istanbul Hotel, Soho House Istanbul, Galataport, The Peninsula Istanbul, and Aman Bodrum among other high end residential and student housing projects. For further information please visit


About Deutsche Finance Group
Deutsche Finance Group is a global real estate investment management firm established in 2005 and headquartered in Munich with offices in London, Denver, Zurich, and Luxembourg. Deutsche Finance America is a subsidiary company established in 2018 to source, structure and asset manage direct real estate investments in the United States on behalf of Deutsche Finance Group’s institutional client accounts and managed funds. Deutsche Finance America has closed on nine deals totaling more than $1 billion of equity. Additional information can be found at