CIM Group grants $ 90.25 million loan to 247-unit apartment community in Arlington, VA
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ARLINGTON, Va .– (BUSINESS WIRE) – CIM Group, a community-driven owner, operator, lender and developer of infrastructure and real estate, today announced that a fund managed by CIM has entered into a loan $ 90.25 million to a subsidiary of Carr Enterprises and Oliver Carr Company for the acquisition of Columbia Crossing, a 247-unit apartment community in Arlington, Virginia.
Located at 1957 Columbia Pike, Columbia Crossing consists of six garden-style elevator-less buildings and 324 parking spaces on 6.34 acres. Built in 1991, the 247 apartments at Columbia Crossing include one, two and three bedroom floor plans. Residents have access to a variety of amenities, including a community clubhouse with a game room, business center, billiards room, fitness center, swimming pool and outdoor grill area . The direct lender loans proceeds will be used to complete interior and exterior renovations and upgrades to the property.
Columbia Crossing enjoys its central location on Columbia Pike, providing direct access to National Landing, the Virginia Tech Innovation Campus, and major transportation arteries including I-395, Glebe Road, and Washington Boulevard, which provides connectivity at the Rosslyn-Ballston Corridor, Tyson’s Corner, Reston-Herndon, Alexandria and Washington, DC The property is less than two miles from the Pentagon and Amazon HQ2, and less than a 10-minute drive from Reagan National Airport.
CIM Group is an active lender that, through its CIM Real Estate Debt Solutions business, recently closed a $ 72 million loan for a 160-acre film production complex outside of Atlanta. The CIM Group seeks to provide senior and subordinate bridging loans for commercial real estate projects with strong sponsors.
CIM Group applies its extensive experience as 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 mortgages and mezzanine loans, CIM affiliates provide bridge and construction finance to commercial real estate owners and developers in major US markets and work with borrowers to offer a range of solutions. loan.
To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/crecs.
About the CIM Group
CIM is a community-driven owner, operator, lender and developer of infrastructure and real estate. 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 vast knowledge and disciplined approach to the hands-on management of real assets, from due diligence to transactions to divestiture. CIM strives to make a meaningful difference in the world by implementing key environmental, social and governance (ESG) initiatives and improving every community in which it invests. For more information visit www.cimgroup.com.
About the Carr companies
Carr Companies is a privately held mixed-use acquisitions, development, and flexible workplaces company founded by President Oliver T. Carr, Jr. Five generations of the Carr family have worked in the Washington, DC real estate industry to develop some of the most transformative projects. In the region. Today, Carr Companies brings its vast hospitality, coworking and development expertise to the pursuit of a unique mission of creating communities where people can thrive. For more information visit www.thecarrcompanies.com.
About the Oliver Carr Company
Oliver Carr is a family-owned holding company with assets not included in the company’s 1993 IPO (CarrAmerica). Its holdings consist of real estate interests and additional stakes in private and public real estate companies and private equity funds. The company is centered in the DC region, where it has been based since its founding by President Oliver T. Carr, Jr., in 1962.
Source: CIM Group