CIM Group Closes $57.5 Million Loan on 533,000-Square-Foot Houston Industrial Property Portfolio to Creation Equity and PGIM Real Estate

LOS ANGELES--(BUSINESS WIRE)--CIM Group announced today that its CIM Real Estate Debt Solutions business, on behalf of a CIM-managed fund, has closed a $57.5 million whole loan to Creation Equity and PGIM Real Estate to refinance a four-building, approximately 533,000-square-foot industrial property portfolio in Northwest Houston.

Completed in May 2024, the portfolio consists of Houston Point 290, a three-building complex located at 9210 Highway 6 N, and Cypress Creek Distribution Center, located at 9580 Cypress Creek Parkway. The in-fill developments in Northwest Houston are in a mature industrial market convenient to the Port of Houston, which is one of the fastest growing U.S. port operations and bounded by two major regional thoroughfares Route 6 and Route 290.

The buildings offer the in-demand features for modern industrial facilities including 32-foot clear heights, spacious truck courts, drive-in doors and ample parking with a total of 593 spaces. Three of the buildings are designed as rear-loading which offers efficiencies of layout with productive internal circulation and storage as well as being more visually appealing with the articulated front of the buildings facing the street hiding truck activity from public view.

Through its CIM Real Estate Debt Solutions business, CIM Group applies its broad experience as an owner, operator, and developer of high quality 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 and managed funds, CIM Group provides 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. For more information, visit www.cimgroup.com.

About Creation

Creation is a dynamic, nationally recognized firm specializing in real estate development, hospitality concepts and alternative investments from coast to coast. Led by founders David Sellers and Bob Agahi, the company has expanded its footprint with $3.3 billion in active development projects across eight states. Known for its comprehensive approach, Creation seamlessly manages every phase of the development process, from land acquisition and entitlement to design, construction, and sale—all handled in-house. Creation Ventures, the company’s innovation and investment arm, plays a pivotal role in incubating startups and nurturing bold ideas. Since 2015, it has co-founded multiple companies and supported over 100 emerging businesses across the U.S. With headquarters in both Phoenix and Dallas, Creation is recognized as one of the nation's fastest-growing companies, continuing to push boundaries in real estate and beyond. For more information, visit CreationEquity.com.

About PGIM Real Estate

With US$212 billion in gross assets under management and administration¹, PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing³, and the local experience of professionals in 32 cities globally. Through its investment, financing, asset management and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.

¹As of 30 Sept. 2024; net AUM is US$137 billion and AUA is US$47 billion.