CIM Group Provides $43.2 Million Bridge Loan Secured by REVERB Hotel by Hard Rock in Downtown Atlanta
CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, announced today that a fund managed by an affiliate of CIM Group has closed a $43.2 million bridge loan provided to Bolton Atlanta, LP to refinance the 195-room REVERB Hotel by Hard Rock, 245 parking stalls in the adjacent parking deck, and a 12-story LED billboard in Downtown Atlanta.
REVERB Hotel opened in December 2020 and marked the introduction of this new hotel concept by Hard Rock International. Located at 89 Centennial Olympic Park Dr. NW in the Castleberry Hill submarket of Downtown Atlanta, the property is directly adjacent to Mercedes-Benz Stadium, State Farm Arena, Georgia World Congress Center, and CNN Center.
The 12-story REVERB Hotel features technology-enhanced guest rooms, co-working spaces, soundproofed rooms for personal music sessions or recording podcasts, and a designated performance area for live music, all designed in a modern, urban style. The hotel also offers specialty food and drink offerings including a café, restaurant, and a rooftop bar with unparalleled views of the Atlanta skyline.
Will James of Colliers arranged the financing for the borrower.
CIM Group is an active lender that through its CIM Real Estate Debt Solutions business recently closed a $67.5 million loan for a 189-room boutique hotel in San Francisco. CIM Group continues to pursue opportunities 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, CIM 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/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.
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