CIM Group closes $89.0 million construction loan to AMCAL for apartment building in Northern California
LOS ANGELES–(BUSINESS WIRE)–CIM Group, a community-focused owner, operator, lender and developer of real estate and infrastructure, announced today that it has closed an $89.0 million construction loan to AMCAL, a major developer of market-rate, affordable, labor-intensive housing in California, Texas, and Washington. The loan will finance the development of Bayview, a seven-story building with 186 apartments and 257 parking spaces located on a 2.3-acre site in Emeryville, California.
The property’s 186 units are designed with floor plans ranging from studios to three-bedroom units and townhouse-style residences, and offer stunning panoramic views of the San Francisco Bay, Golden Gate and bridges. of the bay. Facilities at the property include a fitness center, co-working spaces, clubhouse, and indoor/outdoor rooftop terrace. Construction is expected to begin this month.
The financing was arranged by Bryan Gortikov of Gortikov Capital.
CIM Group is an active lender which, through its CIM Real Estate Credit Strategies business, recently completed a $121.3 million bridge loan to refinance and provide future rental capital to owners of a 342,742 square foot office space in San Diego’s Mission Valley submarket, and an $83 million bridge loan secured by the 334-unit The Whit Apartments in Indianapolis, IN. CIM Group continues to seek opportunities to provide senior and subordinated bridge bridge loans for commercial real estate projects with strong sponsors.
CIM Group applies its extensive experience as an owner, operator and developer of all types of commercial real estate to its lending strategy, differentiating the company from many other lending providers. Through mortgage and mezzanine lending, CIM provides bridge and construction financing to commercial real estate owners and developers in major U.S. markets and works with borrowers to offer a range of lending solutions.
To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/crecs.
About CIM Group
CIM is a community-driven 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 completing more than $60 billion in critical real estate and infrastructure projects. CIM’s diverse team of experts apply their extensive knowledge and disciplined approach to the hands-on management of real estate assets, from due diligence to operations to disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and improving every community in which it invests. For more information, visit www.cimgroup.com.