Hines received a $101 million construction loan to develop a Class-A, multifamily property on a 1.5-acre site in downtown Phoenix.
CIM Group, a community-focused real estate and infrastructure owner, operator and lender, announced that it has closed on a $101 million construction loan to a partnership controlled by Hines for the development of a luxury multifamily property, a 379-unit 25-story apartment tower and 10,500 sq. ft. of office space built above three levels of existing underground parking. Hines, the international real estate firm, is developing this Class-A, multifamily property on a 1.5-acre site in downtown Phoenix at the Northwest corner of E. Jefferson Street and N. 3rd Street, located at 222 E. Jefferson St.
The site is within the Collier Center mixed-use development, which consists of approximately 550,000 sq. ft. of Class A office space, restaurants, retail and parking, The Hines development brings a residential component, featuring one- and two-bedroom apartments, to this central Phoenix site, complementing Collier Center's existing uses.
The luxury multifamily property will be situated along the Light Rail Route and convenient to downtown activities including CityScape and nationally renowned fine art facilities. It is adjacent to prominent sporting and entertainment venues including Chase Field, Talking Stick Arena and the Phoenix Convention Center.
As an owner, developer and operator of commercial properties, CIM also provides construction, bridge and repositioning loans to developers of condominiums, apartments, hotels, mixed-use and entertainment projects in major markets across the United States.