CIM Group Closes $31 Million Loan to CarrAmerica for Hotel Indigo Old Town Alexandria
LOS ANGELES—September 23, 2024—CIM Group announced today that its CIM Real Estate Debt Solutions business, on behalf of a CIM-managed fund, has closed a $31 million whole loan to an affiliate of CarrAmerica (Carr) to refinance the Hotel Indigo Old Town Alexandra in Alexandria, Virginia.
Hotel Indigo Old Town Alexandria is a five-story, 120-room compact full-service hotel located at 220 S. Union Street in Alexandria. The property is in a highly desirable location on the Potomac River and adjacent to the popular King Street retail corridor which boasts approximately 400 local, national and international boutique retailers and a wide range of restaurants. Hotel Indigo Old Town Alexandria is an attractive option for leisure, corporate business and government travelers. In addition to its Old Town location and proximity to King Street, it is well positioned near centers for business and government.
Carr developed Hotel Indigo Old Town Alexandria in 2017, which holds LEED silver certification, and offers an all-day restaurant, lounge, fitness center, meeting space and parking garage. Carr has an extensive track record in the area developing more than 11 million square feet of office, retail, residential and hotel properties in Washington DC and Northern Virginia.
The loan for the Hotel Indigo Old Town Alexandria continues CIM Group’s focus on the hospitality industry which includes the full-service sector as well as an expanding capital commitment to the select and extended stay sector which it implemented in 2023.
Through its CIM Real Estate Debt Solutions business, CIM Group applies its broad experience as an owner, operator, and developer of high quality 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 and managed funds of CIM provide bridge and construction financing to owners and developers of commercial real estate in major markets across the United States and work 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. For more information, visit www.cimgroup.com.