CIM Group Provides $150 Million Loan Secured by Student Housing Property in San Jose, CA
SAN JOSE, Calif.--CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, announced today that a CIM managed-fund has closed a $150 million loan to AMCAL Equities and Star America to refinance The Grad, a student housing development one block from San Jose State University in downtown San Jose, CA.
Located at 88 E. San Carlos St., the 19-story property comprises 260 units (1,039 beds), 14,889 square feet of ground floor retail, and a parking structure with 263 spaces on 1.1 acres. Fully furnished residences offer modern studio, two-, three-, and four-bedroom floor plans overlooking San Jose State University. The Grad residents have access to state-of-the-art amenities including study rooms, computer lab, fitness center, swimming pool with sun deck, and bicycle storage.
The property is serviced by numerous public transit systems such as Caltrain, BART, and the VTA Light Rail, and is located a few miles from Norman Y. Mineta San Jose International Airport. The financing was arranged by Bryan Gortikov of Gortikov Capital.
CIM Group is an active lender that through its CIM Real Estate Debt Solutions business has originated approximately $2.2 billion of commercial real estate loans year-to-date in 2021. CIM Group seeks 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.