LOS ANGELES–(BUSINESS WIRE)–CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, today announced that its CIM Real Estate Debt Solutions business has closed $1.6 billion in commercial real estate loans in the first quarter of 2022. This significant amount of loan closings marks continued strong demand and activity for CIM’s lending program, which closed $3.4 billion in commercial real estate loans in 2021.
CIM Real Estate Debt Solutions’ lending activity in the first quarter included a $353 million loan for the acquisition of a four-building office complex totaling more than one million square feet in Phoenix, Arizona; a $343.8 million loan for the acquisition of a 55-story Class A office tower in Atlanta, Georgia; a $175 million loan to refinance a 42-story Class A office tower in downtown Tampa, Florida; and a $137.6 million construction loan for a 42-story condominium tower in Honolulu.
“CIM Group’s team of experienced professionals, knowledgeable in all aspects of commercial real estate, from development to operation, positions us to be able to quickly assess and act on lending opportunities. The high level of activity in the first quarter follows a robust 2021 where we saw a strong increase in demand in southern and southwestern markets such as Atlanta, South Florida, Phoenix and Austin , in particular loans secured by offices, apartments and mixed-use properties. said Avi Shemesh, co-founder and director of CIM Group.
CIM Real Estate Debt Solutions offers CIM-managed vehicles to provide mortgage, mezzanine, bridge, and construction loans ranging from approximately $50 million to $500 million on various types of commercial real estate assets in the United States.
To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/borrow.
About CIM Group
CIM is a community-driven real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by completing more than $60 billion in critical real estate and infrastructure projects. CIM’s diverse team of experts apply their extensive knowledge and disciplined approach to the hands-on management of real estate assets, from due diligence to operations to disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and improving every community in which it invests. For more information, visit www.cimgroup.com.