CIM Group Closes $121.3 Million Bridge Loan Secured By AMP&RSAND, A Class-A Office Complex, in San Diego
CORRECTION...by CIM Group
LOS ANGELES--Second paragraph, second sentence of release should read: AMP&RSAND is currently leased to two full-floor tenants that use the space as their regional and corporate headquarters.
The updated release reads:
CIM GROUP CLOSES $121.3 MILLION BRIDGE LOAN SECURED BY AMP&RSAND, A CLASS-A OFFICE COMPLEX, IN SAN DIEGO
CIM Group, a community-focused real estate and infrastructure owner, operator, lender, and developer, announced today that it has closed a $121.3 million bridge loan to refinance and provide future leasing capital to an affiliate of Westbrook Partners and The Casey Brown Company for AMP&RSAND, a recently renovated, 342,742-square-foot office complex, set on 13-acres in the Mission Valley submarket of San Diego, CA.
AMP&RSAND is comprised of two Class A, creative office buildings with 1,371 parking spaces and average floor plates of 37,852 square feet, with 14’ ceilings, floor-to-ceiling windows, and an on-site café and fitness studio. AMP&RSAND is currently leased to two full-floor tenants that use the space as their regional and corporate headquarters. The AMP&RSAND financing was arranged by Rob Rubano of Cushman & Wakefield.
CIM Group is an active lender that through its CIM Real Estate Strategies business recently closed an $83 million bridge loan secured by 334-unit The Whit Apartments in Indianapolis, IN and a $60 million loan for the acquisition of a 53-acre industrial site on Staten Island, New York. 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.