CIM Group has closed on a construction loan of more than $600 million for its mixed-use 85 Jay St. project in Dumbo, where prep work has already started.

CIM Group and minority partner LIVWRK obtained the loan from JPMorgan Chase.

Architect Morris Adjmi has designed the three-acre development bounded by Front, Bridge and York streets.

When completed in 2021, it will include 730 residential condos and apartments with pools and roof decks, around 90,000 square feet of retail and community space and underground parking for 700 cars.

CIM recently bought out Kushner Cos.’ minority state in the project.