ATLANTA--(BUSINESS WIRE)--CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, announced today that a CIM-managed fund has closed a $343.8 million loan to finance the acquisition of Bank of America Plaza, a 55-story Class A office tower in Atlanta, by CP Group and investment funds managed by HPS Investment Partners, LLC.
Bank of America Plaza is the tallest building in Georgia and comprises 1,351,586 square feet of office space. Tenants have access to a variety of amenities including a 10,000-square-foot conference center, a 17,000-square-foot fitness center, a food hall, on-site Starbucks, and a 1.2-acre park along West Peachtree Street in addition to an abundance of nearby retail, restaurants, and entertainment venues.
Loan proceeds will facilitate the acquisition and lease up of the property, including a capital improvement plan with renovations to the lobby, restrooms, elevators, and other property improvements.
Located at 600 Peachtree St. NE in Midtown Atlanta, Bank of America Plaza is located directly across the street from the North Avenue MARTA station, providing convenient public transportation access for office tenants.
CIM Group is an active lender that through its CIM Real Estate Debt Solutions business recently closed a $175 million loan secured by a 42-story office tower in Tampa. CIM Group seeks to provide senior and subordinate transitional bridge loans for commercial real estate projects with strong sponsors.
CIM Group applies its broad experience as an owner, operator, and developer of all types of commercial real estate to its lending strategy and believes this helps differentiate the company from many other debt providers. Through mortgage and mezzanine loans, affiliates of CIM provide bridge and construction financing to owners and developers of commercial real estate in major markets across the United States and works with borrowers to offer an array of lending solutions.
To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/crecs.
About CIM Group
CIM is a community-focused 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 delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.