CIM originated and placed a loan portfolio to fund the acquisition and redevelopment of four retail and office properties located in the Design District and Wynwood neighborhood of Miami, Florida. CIM retained the mezzanine portion of the loan. The properties include: a well-established three-story retail and office property with 33,800 square feet of street level retail; a newly-redeveloped retail property with 22,200 square feet of street level retail; and a 13,775-square-foot development site, with a 5,500-square-foot revenue-generating retail building. These funds will be used to renovate or redevelop existing structures, improve leasing, and predevelopment activities for a new five-story office and retail mixed-use project on the development site.
- Properties located in a CIM Qualified Community
- Attractive financing solution provided to borrower