CIM Group Closes $47.5 Million Loan for Refinance of The View 168-Unit Apartment Building in Los Angeles
LOS ANGELES—November 27, 2023--CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, announced today that its CIM Real Estate Debt Solutions business closed a $47.5 million loan on behalf of a CIM-managed fund to a joint venture between MWest Holdings and BGO to refinance The View apartment building in the Koreatown neighborhood of Los Angeles.
The View is a 168-unit, 13-story apartment building located at 3460 West 7th Street in the heart of Koreatown, a popular residential and business community with an array of restaurants and retailers as well as convenient access to the area’s regional subway system. The View offers studio, one- and two-bedroom units in a variety of floorplans and a wealth of premier on-site amenities.
CIM Group had acquired The View in August 2013 following the completion of a comprehensive renovation of the property originally built in 1965. MWest and BGO then acquired The View in December 2018 after CIM Group completed a host of improvements to the residences and the property’s leasing and management. Under their ownership, MWest and BGO have continued to invest in upkeep and improvements such as to The View’s common areas and community amenities.
“As an owner and operator of commercial real estate, CIM Group can call upon its in-house expertise and understanding of property operations and market dynamics to assist in its loan underwriting,” said Shaul Kuba, Co-Founder and Principal, CIM Group. “The View is an example of the company’s broad and multi-faceted business approach and expertise coming full circle as CIM Group previously owned and operated The View and today applied this intimate property knowledge to our assessment and issuance of the loan.”
Through its CIM Real Estate Debt Solutions business, CIM Group applies its broad experience as an owner, operator, and developer of high quality 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. In 2022 CIM Group and its affiliates have provided more than $3.8 billion of commercial real estate loans for property acquisitions, recapitalizations, and new construction projects across the U.S.
To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/borrow.
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.