CIM Group provides $ 150 million loan secured by college dorm in San Jose, California

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SAN JOSE, California, November 15, 2021– (BUSINESS WIRE) – CIM Group, a community-based real estate and infrastructure owner, operator, lender, and developer, announced today that a CIM-managed fund has granted a $ 150 million loan to AMCAL Equities and Star America to refinance The Grad, a student residence, has completed development one block from San Jose State University in downtown San Jose, CA.

The 19-story property is located at 88 E. San Carlos St. and comprises 260 units (1,039 beds), 14,889 square meters of retail space on the ground floor and a parking garage with 263 spaces on 1.1 hectares. Fully furnished residences offer modern studio, two-, three-, and four-bedroom floor plans with views of San Jose State University. The residents of Grad have access to state-of-the-art amenities such as study rooms, a computer room, a fitness center, a swimming pool with a sun terrace and a bicycle storage room.

Served by numerous public transportation systems including Caltrain, BART, and the VTA Light Rail, the property is just a few miles from Norman Y. Mineta San Jose International Airport. The funding was arranged by Bryan Gortikov from Gortikov Capital.

The CIM Group is an active lender that raised approximately $ 2.2 billion in commercial real estate loans in 2021 through its CIM Real Estate Debt Solutions business.

The CIM Group uses its extensive experience as the owner, operator and developer of all types of commercial real estate in its credit strategy and believes that this will help set the company apart from many other lenders. Through mortgage and mezzanine lending, CIM provides bridge and home finance to commercial property owners and developers in key markets in the United States, and works with borrowers to provide a range of credit solutions.

To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/crecs.

About the CIM group

CIM is a community based real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has endeavored to create value on projects and make a positive difference to the lives of people in communities across America by providing more than $ 60 billion in major real estate and infrastructure projects. The diverse team of experts at CIM applies its broad knowledge and disciplined approach through the practical management of real assets from due diligence through operation to sale. CIM strives to make a meaningful difference in the world by implementing key environmental, social and governance (ESG) initiatives and improving every community it invests in. For more information, visit www.cimgroup.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211115005907/en/

contacts

Media contact
Karen Diehl
Diehl communication
310-741-9097
[email protected]


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