CIM Provides $101 Million Construction Loan to Hines Partnership for 379-Unit Phoenix Multifamily Development
LOS ANGELES--(BUSINESS WIRE)--Oct 23, 2019--
CIM Group, a community-focused real estate and infrastructure owner, operator and lender, announced today that it has closed on a $101 million construction loan to a partnership controlled by Hines for the development of a luxury multifamily property, a 379-unit 25-story apartment tower and 10,500 square feet of office space built above three levels of existing underground parking. Hines, the international real estate firm, is developing this Class-A, multifamily property on a 1.5-acre site in Downtown Phoenix at the Northwest corner of E Jefferson Street and N 3 rd Street, located at 222 E. Jefferson St.
The site is within the Collier Center mixed-use development, which consists of approximately 550,000 square feet of Class A office space, restaurants, retail and parking, The Hines development brings a residential component, featuring one- and two-bedroom apartments, to this central Phoenix site, complementing Collier Center’s existing uses.
The luxury multifamily property will be situated along the Light Rail Route and convenient to downtown activities including CityScape and nationally renowned fine art facilities. It is adjacent to prominent sporting and entertainment venues including Chase Field, Talking Stick Arena and the Phoenix Convention Center.
As an owner, developer and operator of commercial properties, CIM also provides 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 www.cimgroup.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 219 cities in 23 countries. Hines has approximately $124.3 billion of assets under management, including $63.8 billion for which Hines provides fiduciary investment management services, and $60.5 billion for which Hines provides third-party property-level services. The firm has 148 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,362 properties, totaling over 449 million square feet. The firm’s current property and asset management portfolio includes 514 properties, representing over 222 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191023005729/en/
CONTACT: For CIM:
George C. Lancaster
Senior Vice President
Corporate Communications & Public Relations
KEYWORD: CALIFORNIA ARIZONA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY URBAN PLANNING
SOURCE: CIM Group
Copyright Business Wire 2019.
PUB: 10/23/2019 02:11 PM/DISC: 10/23/2019 02:11 PM