CIM Group Closes $204 Million Construction Loan for Central Station, One Million-Square-Foot Mixed-Use Development in Downtown Phoenix
CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, announced today that a CIM-managed fund has closed a $204 million construction loan to Medistar Corporation, GMH Communities, and a fund sponsored by CBRE Investment Management to finance the development of Central Station, a one million-square-foot mixed-use transportation hub in Downtown Phoenix.
Located at 300 N. Central Ave. at Van Buren Street, Central Station will consist of 362 apartments, 435 student housing units with 655 beds, over 100,000 square feet of office and retail space, and 427 subterranean parking spaces across two 22- and 33-story towers and a podium. Central Station is adjacent to and seamlessly integrates with an existing bus and light-rail transit center and is a public-private partnership with the City of Phoenix and the federal Transit Authority. Central Station broke ground in April 2022.
Central Station is situated adjacent to Civic Space Park and Arizona State University's Downtown campus and within a short distance to major employment centers, the Metro Light Rail, and Sky Harbor International Airport.
CIM Group, an active lender through its CIM Real Estate Debt Solutions business, recently closed a $136.7 million loan for the construction of a 42-story condominium tower in Honolulu. In 2021, CIM provided a $135.85 million construction loan to Medistar Corporation for the development of a student housing complex and parking garage at Texas A&M Innovation Plaza in Houston. 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 Group 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.
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