CIM Group Provides $73 Million Loan Secured By Legacy Commons Office Campus in Plano, Texas

DALLAS--(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 $73 million whole loan to Taconic Capital Advisors and Champion Partners to refinance and provide future leasing capital for Legacy Commons, a 287,044-square-foot, three-story office campus and 5.3-acre undeveloped land site in the master-planned Legacy community in Plano, Texas.

Located on a 19.7-acre site at 5301 Legacy Dr., Taconic and Champion acquired the property in 2019 and have undertaken an approximately $10 million capital improvement program that includes the addition of attractive common areas and tenant amenities such as an outdoor courtyard and amphitheater, lounge and meeting area, fitness center, and renovation of the two-story lobby and main entrance. Originally constructed in 1998 as the headquarters for Dr. Pepper, the ownership is modernizing and repositioning the property to meet the needs of today’s businesses.

Legacy Commons is well located within the mixed-use, master-planned Legacy development and is convenient to a variety of shops and dining including The Shops at Legacy, Legacy Town Center, and Legacy West Urban Village. The office is also near the Dallas North Tollway and Highway 121, major connectors to Dallas and the region.

Previously, a CIM-managed fund provided a $190 million loan to Taconic, which closed in August 2020, to refinance the 780,000-square-foot International Plaza I and II office campus in Dallas.

CIM Group is an active lender through its CIM Real Estate Debt Solutions business and recently closed a $343.8 million loan for the acquisition of a 55-story office tower in Atlanta. 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 diverse 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.