CIM Group Closes on a $72.9 Million Mortgage Loan Secured by SunTrust Plaza in Downtown Orlando
LOS ANGELES--CIM Group, a community-focused real estate and infrastructure owner, operator, lender, and developer, announced today that it has closed a $72.9 million bridge loan provided to a joint venture comprised of Mason Capital Partners, Lincoln Property Company, and Pope & Land Company, the owners of SunTrust Plaza at Church Street Station. The loan is secured by the 18 stories of Class-A office space in the 28-story trophy mixed-use tower located at 333 S. Garland Avenue in Downtown Orlando, and the 547-space integrated parking deck. The property is approximately 84% leased, with Truist Bank, formerly known as SunTrust Bank, as its major tenant.
CIM is an active lender, and since the on-set of COVID-19 has made the following loans:
- $190 million bridge loan secured by International Plaza I & II, Dallas, Texas
- $95.6 million mortgage loan secured by Galleria Corporate Center, Scottsdale, Arizona
- $100 million short-term liquidity facility secured by a portfolio of real estate assets in Los Angeles area
As an owner, operator, lender and developer of commercial properties, in addition to mortgage and mezzanine loans, CIM also provides bridge, construction and repositioning loans to owners and developers of commercial real estate in major markets across the United States, and works with borrowers to offer an array of financing solutions secured, directly or indirectly, by real estate.
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.