CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, announced today that a CIM-managed fund has closed a $353 million loan to Monarch Alternative Capital and Tourmaline Capital Partners for the acquisition of a premier four-building office complex totaling more than one million square feet at The Esplanade mixed-use campus in Phoenix, Arizona.
The four properties are located at 2425, 2525, 2575, 2555, and E. Camelback Road in Phoenix’s Camelback Corridor submarket, known as Esplanade I, II, IV, and V, which are 10- and 11-story Class A office towers, with 60,000 square feet of retail and a three-level underground parking garage with 3,883 spaces. Esplanade tenants benefit from access to a variety of on-site amenities such as fitness centers, lounge-style event spaces, a high-tech conference center, and expansive common areas in addition to nearby restaurants, shopping, entertainment, and hospitality options.
Loan proceeds will facilitate the acquisition and lease up of the property, including a capital improvement plan with renovations to office lobbies, the campus plaza, amenities, and common areas.
The Esplanade, in the Camelback/Biltmore corridor, is located at the intersection of Camelback Road and 24th Street adjacent to SR-51 highway and within a 10-minute drive to downtown Phoenix, downtown Scottsdale, and Phoenix Sky Harbor International Airport.
CIM Group is an active lender that through its CIM Real Estate Debt Solutions business recently closed a $343.8 million loan for the acquisition of a 55-story office tower in Atlanta. 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, 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.
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.
