Society Orlando
Providing Capital for a Towering Mixed-Use Development
In Q3 2021, CIM originated a $120 million floating-rate whole loan to finance the development of Society Orlando, a 27-story, mixed-use project located in Orlando, Florida’s central business district. The project comprised 462 for-rent residential units and ground floor retail.
Our in-house development expertise contributed to smooth execution on the loan. During the initial underwriting phase and throughout the loan’s lifecycle, our Development team worked closely with the CIM Real Estate Debt Solutions team to help ensure a positive outcome.
The Development team provided valuable guidance on the budget and construction milestones as well as in-person oversight through regular development site visits.
In collaboration with our Development and Loan Support Services teams, CIM Real Estate Debt Solutions negotiated two modifications during the loan’s term to infuse fresh capital into the project from the borrower.
After Society Orlando was completed in July 2024, the borrower was able to secure financing and repaid CIM in full for the outstanding loan balance in Q3 2024.
The Society Orlando loan is just one illustration of CIM’s ability to underwrite, execute, and deliver value through complex development-focused strategies.
Additional
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Example case studies are shown to illustrate capabilities within the strategy. There is no guarantee that any strategy objectives will be met or that past results will be replicated.
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