CIM Group Provides $136.7 Million Construction Loan for Ililani, a 42-Story Condominium Tower in Honolulu
HONOLULU--CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, announced today that a CIM-managed fund has closed a $137.6 million construction loan to the Ililani, LLC and Jeneration Capital development team of Kenneth Kai Chang and Jimmy Chang for Ililani, a 42-story condominium tower in Honolulu, Hawaii.
The Ililani mixed-use development will comprise 197 affordable and 131 market-rate condominium residences in a variety of one- and two-bedroom floor plans, in addition to 6,000 square feet of ground floor retail and a 10-story parking structure. Ililani residents will have access to a 13,000-square-foot rooftop recreation deck with barbecue areas, outdoor media centers, a keiki pool, bowling greens, and community garden, as well as indoor facilities including an entertainment lounge, party room, coworking space, and yoga studio.
Located at 615 Keawe Street, Ililani is located in the Kaka’ako district of Honolulu, minutes away from Oahu’s best restaurants, microbreweries, and boutiques and within one block of a proposed Honolulu Rail Transit station.
CIM Group is an active lender that through its CIM Real Estate Debt Solutions business recently closed a $353 million loan for the acquisition of four office towers totaling one million square feet in Phoenix. CIM Group seeks to provide senior and subordinate transitional bridge and construction 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, and believes this helps differentiate the company from many other debt providers. Through mortgage and mezzanine loans, affiliates of CIM provide 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.