CIM Group Closes $147 Million Loan for Recently Completed 379-Unit Apartment Community in Phoenix

PHOENIX--(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 $147 million loan to Crown Realty & Development secured by Adeline, a recently completed apartment community in Phoenix, AZ.

Located at 222 E. Jefferson St., Adeline is a 25-story tower that consists of 379 apartment residences and four fully furnished guest suites, 10,579 square feet of commercial office space, and 3,735 square feet of ground floor retail space.

The 379 units are designed in studio to two-bedroom configurations with floor-to-ceiling windows offering panoramic skyline and mountain views. Adeline residents have access to a variety of amenities including a valet and concierge service, an oversized swimming pool and hot tub, a state-of-the-art fitness center, co-working spaces, a game room, landscaped gardens, and a rooftop dog park.

Adeline is centrally located in Downtown Phoenix with easy access to premier sports and entertainment venues such as Talking Stick Resort Arena and Chase Field, the Phoenix Convention Center, employment centers, and universities with walkable access to restaurants, retail, and cultural attractions. The property is serviced by two Valley Metro Light Rail stops providing regional connectivity.

CIM Group is an active lender that through its CIM Real Estate Debt Solutions business recently closed a $353 million loan for the acquisition of four office towers totaling one million square feet at The Esplanade mixed-use campus in Phoenix. CIM Group seeks to provide senior and subordinate transitional bridge and construction 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/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.