CIM Group Closes $89.0 Million Construction Loan to AMCAL for Northern California Apartment Building
LOS ANGELES--CIM Group, a community-focused real estate and infrastructure owner, operator, lender, and developer, announced today that it has closed an $89.0 million construction loan to AMCAL, a leading developer of market rate, affordable and workforce housing in California, Texas and Washington. The loan will finance the development of Bayview, a seven-story, 186-unit apartment building with 257 parking spaces located on a 2.3-acre site in Emeryville, CA.
The property’s 186 units are designed with floor plans ranging from studio to three-bedroom units and townhome-style residences, and offer unobstructed, panoramic views of the San Francisco Bay and Golden Gate and Bay Bridges. Amenities at the property include a fitness center, co-working spaces, a clubhouse, and an indoor/outdoor roof deck. Construction is anticipated to begin this month.
The financing was arranged by Bryan Gortikov of Gortikov Capital.
CIM Group is an active lender that through its CIM Real Estate Credit Strategies business recently closed a $121.3 million bridge loan to refinance and provide future leasing capital to the owners of a 342,742-square-foot office complex in the Mission Valley submarket of San Diego, and an $83 million bridge loan secured by 334-unit The Whit Apartments in Indianapolis, IN. 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.