CIM Group provides $343.8 million loan for the acquisition of a 55-story Class A office tower in Atlanta | Nation/World
ATLANTA–(BUSINESS WIRE)–March 9, 2022–
CIM Group, a community-driven real estate and infrastructure owner, operator, lender and developer, today announced that a fund managed by CIM has closed a $343.8 million loan to finance the acquisition of Bank of America Plaza, a 55-story Class A office tower in Atlanta, by CP Group and investment funds managed by HPS Investment Partners, LLC.
Bank of America Plaza is the tallest building in Georgia and includes 1,351,586 square feet of office space. Tenants have access to a variety of amenities including a 10,000 square foot conference center, 17,000 square foot fitness center, food court, on-site Starbucks, and 1.2-acre park along West Peachtree Street plus an abundance of nearby retail, dining and entertainment venues.
Proceeds from the loan will facilitate the acquisition and rental of the property, including a capital improvement plan with lobby renovations, restrooms, elevators and other property improvements.
Located at 600 Peachtree St. NE in Midtown Atlanta, Bank of America Plaza is located directly across from the North Avenue MARTA station, providing convenient access to public transportation for office tenants.
CIM Group is an active lender that, through its CIM Real Estate Debt Solutions business, recently closed a $175 million loan secured by a 42-story office tower in Tampa. CIM Group seeks to provide senior and subordinated bridge bridge loans for commercial real estate projects with strong sponsors.
CIM Group applies its extensive 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 lending providers. Through mortgage and mezzanine lending, CIM affiliates provide bridge and construction financing to commercial real estate owners and developers in major U.S. markets and work with borrowers to offer a range of lending solutions. .
To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/crecs.
About CIM Group
CIM is a community-driven 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 completing more than $60 billion in critical real estate and infrastructure projects. CIM’s diverse team of experts apply their extensive knowledge and disciplined approach to the hands-on management of real estate assets, from due diligence to operations to disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and improving every community in which it invests. For more information, visit www.cimgroup.com.
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CONTACT: Media Contact
KEYWORD: GEORGIA UNITED STATES NORTH AMERICA
SECTOR KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & REAL ESTATE
SOURCE: CIM Group
Copyright BusinessWire 2022.
PUBLISHED: 09/03/2022 09:00/DISC: 09/03/2022 09:02
Copyright BusinessWire 2022.