CIM Group Closes $83.0 Million Bridge Loan Secured by The Whit Apartments in Indianapolis, IN
LOS ANGELES--CIM Group, a community-focused real estate and infrastructure owner, operator, lender, and developer, announced today that it has closed an $83.0 million bridge loan provided to TWG Development. The loan is secured by The Whit Apartments, a 334-unit luxury apartment building with 10,700 square feet of ground floor retail and an adjacent 526-stall parking garage located at 307 N Pennsylvania St, in Indianapolis, IN.
Built in 2019, The Whit Apartments is approximately 80% leased and offers one-, two-, and three-bedroom apartments and significant amenities such as a rooftop pool, sundeck and lounge, and fitness center. The property’s retail space is fully-leased to 16-Bit Arcade Bar and MassageLux. The Whit is strategically located within Indianapolis’ CBD and only one block from Massachusetts Avenue, a prominent district with a collection of dining, art and entertainment businesses.
CIM Group is an active lender that originated approximately $2.2 billion of commercial real estate loans in 2020 through its CIM Real Estate Credit Strategies business. CIM Group continues to pursue opportunities to provide senior and subordinate transitional bridge loans for commercial real estate projects with strong sponsors.
CIM Group applies its broad experience as an owner, operator, and developer of all types of commercial real estate to its lending strategy, differentiating the company from many other debt providers. Through mortgage and mezzanine loans, CIM provides bridge and construction financing to owners and developers of commercial real estate in major markets across the United States and works with borrowers, to offer an array of lending solutions.
To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/crecs.
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. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.