CIM Group announced that it has closed on a loan of more than $600 million provided by J.P. Morgan Chase Bank for the construction of the Morris Adjmi-designed 85 Jay Street mixed-use project in DUMBO. It will consist of residential for-sale condominiums, multifamily apartments, retail and community facility space in addition to below-grade parking.

The 21-story building will include approximately 730 residential condominium and apartment homes, approximately 90,000 square feet of retail space, and approximately 700 parking spaces. Residences will range from studios to four-bedroom units including roof-top pools, decks and lounge spaces; fitness center; game, entertainment, and screening rooms; resident storage and bike rooms; kids’ areas; pet spas; and a landscaped private park. Construction is expected to be finished by 2021.

The 730 units could generate additional 212 elementary school students* for PS 307, the lot’s zoned elementary school in Vinegar Hill.

They will soon be opening a 4,0470-square-foot sales gallery at nearby 10 Jay Street.

*Number of elementary students generated according to the CEQR Technical Manual/SCA public school ratio 0.29