LOS ANGELES--(BUSINESS WIRE)--CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, announced today that its CIM Real Estate Debt Solutions business closed $1.6 billion of 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, as it 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 premier 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 operations, positions us to be able to quickly evaluate and act on lending opportunities. The high level of activity in the first quarter follows a robust 2021 where we saw strong uptick in demand in southern and southwestern markets such as Atlanta, South Florida, Phoenix, and Austin, particularly loans secured by office, apartment, and mixed-use properties,” said Avi Shemesh, Co-Founder and Principal, CIM Group.
CIM Real Estate Debt Solutions services CIM-managed vehicles to provide mortgage, mezzanine, bridge, and construction loans ranging from approximately $50 to $500 million across various commercial real estate asset types across the U.S.
To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/borrow.
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.