Firm manages to increase resources and capital amid COVID-19
Commercial real estate firm CIM Group has continued to grow its CRE lending portfolio despite market uncertainty caused by the coronavirus pandemic.
The company, which focuses on community real estate, said it originated roughly $2.2 billion of CRE loans last year through its CIM Real Estate Credit Strategies business. CIM Group’s credit platform provides loans from $50 million-$500 million for commercial real estate assets including residential, office, industrial and hotels in major metropolitan and suburban markets across the US. It also provides financing to niche property types such as data centers, parking, specialty-use projects, and entitled land.
“CIM Group has increased its available resources and capital for lending over the past several years and has been strategically deploying that capital across the capital stack and across diverse asset types,” said Avi Shemesh, co-founder and principal of CIM Group. “When COVID-19 hit, our lending portfolio had low leverage and was in a great position to be a resource to borrowers.”
CIM Group was able to underwrite risk and maintain an active lending program throughout 2020. Some of its post-COVID-19 originations include a $105.5 million loan for the construction of X Denver 3.0, an apartment community with supporting office and retail components in downtown Denver; a $190 million bridge loan on International Plaza I/II, a two-building, 780,000square-foot office property in Dallas; and a $60 million bridge loan for the acquisition of a 53-acre industrial land site on Staten Island, New York.
