CIM Group provides $136.7 million construction loan for Ililani, a 42-story condominium tower in Honolulu | Business
HONOLULU–(BUSINESS WIRE)–March 31, 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 $136.7 million construction loan to Kenneth Kai Chang and Jeneration Capital for Ililani, a 42-story condominium tower in Honolulu, Hawaii.
The mixed-use Ililani development will feature 197 affordable and 131 market-priced condominium residences in a variety of one- and two-bedroom floor plans, in addition to 6,000 square feet of ground-level retail and a 10-storey parking structure. Residents of Ililani will have access to a 13,000 square foot rooftop leisure terrace with BBQ areas, outdoor media centers, keiki pool, bocce courts and community garden, as well as facilities interiors including an entertainment lounge, a party room, a coworking space, and a yoga room.
Located at 615 Keawe Street, Ililani is located in Honolulu’s Kaka’ako neighborhood, minutes from Oahu’s best restaurants, microbreweries, and shopping and one block from a proposed Honolulu Rail Transit station.
CIM Group is an active lender that, through its CIM Real Estate Debt Solutions business, recently completed a $353 million loan to acquire four office towers totaling one million square feet in Phoenix. CIM Group seeks to provide senior and subordinated transition and construction 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 business 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: Karen Diehl
KEYWORD: HAWAII UNITED STATES NORTH AMERICA
SECTOR KEYWORD: FINANCE PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & REAL ESTATE
SOURCE: CIM Group
Copyright BusinessWire 2022.
PUBLISHED: 03/31/2022 1:00 PM / DISK: 03/31/2022 1:02 PM
Copyright BusinessWire 2022.