CIM Group Provides $120 Million Construction Loan for 26-Story Apartment and Co-Living Development in Orlando
ORLANDO, Fla.--CIM Group, a community-focused real estate and infrastructure owner, operator, lender, and developer, announced today that a CIM-managed fund has closed a $120 million construction loan to Property Markets Group (PMG) and Raven Capital Management to finance Society Orlando, a 26-story mixed-use multifamily and retail development in Orlando, Florida.
Located at 434 N. Orange Ave., Society Orlando differentiates itself from traditional residential developments by offering a combination of traditional rental apartments with furnished co-living units in a community-focused living environment.
Phase one of Society Orlando will feature 462 residential units across a mix of studio, one-, and two-bedroom floor plans, and co-living units, across a mix of two-, three- and four-bedroom floor plans. The building also provides 33,000 square feet of ground floor retail and 502 parking spots. Residents will have access to over 100,000 square feet of modern amenities including a pool deck and outdoor entertainment lounge, a full-service gym and fitness center, and a communal food hall and retail plaza.
Located within the Central Business District of Orlando and walking distance to Creative Village, the 172-acre downtown campus for UCF and Valencia College, Society Orlando is situated on a 3.57-acre parcel on North Orange Avenue between West Amelia and East Livingston Streets. The project is designated as a transit-oriented development given its proximity to the Lynx Central SunRail station.
Society Orlando is currently under construction and anticipated to open in 2023.
CIM Group is an active lender that through its CIM Real Estate Credit Strategies business recently closed a $135.85 million construction loan for a student housing and parking complex in Houston, Texas. 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, and believes this helps differentiate 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.