Group sees strong demand and activity for its CRE lending program
CIM Group, a community-focused real estate lender and developer, has announced closing $1.6 billion of commercial real estate loans in the first quarter of 2022.
The Los Angeles-based group cited continued strong demand and activity for its lending program – CIM Real Estate Debt Solutions. During the first quarter, CIM arranged a $353 million loan for the acquisition of a premier four-building office complex in Phoenix, Ariz.; a $343.8 million loan for the acquisition of a 55-story Class A office tower in Atlanta, Ga.; a $175 million loan to refinance a 42-story Class A office tower in downtown Tampa, Fla.; and a $137.6 million construction loan for a 42-story condominium tower in Honolulu.
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Avi Shemesh, co-founder and principal of CIM Group, said: “The high level of activity in the first quarter follows a robust 2021 where we saw a strong uptick in demand in southern and southwestern markets such as Atlanta, South Florida, Phoenix, and Austin, particularly loans secured by office, apartment, and mixed-use properties.”
Additionally, CIM Real Estate Debt Solutions services CIM-managed vehicles to provide mortgage, mezzanine, bridge, and construction loans ranging from approximately $50 to $500 million across various commercial real estate asset types nationwide.
“CIM Group’s team of experienced professionals, knowledgeable in all aspects of commercial real estate from development to operations, positions us to be able to quickly evaluate and act on lending opportunities,” Shemesh said.
