CIM Group found renewed momentum with its commercial real estate debt activity to close out 2022 with a fresh wave of bridge, construction and mezzanine activity.
The Los Angeles-based real estate and infrastructure investment manager closed out the 12-month span with $3.8 billion of new commercial real estate loans for property acquisitions, recapitalizations and construction projects. The total reflected a 12 percent jump from 2021’s $3.4 billion in CRE loans.
CIM built its loan book out with deals ranging from $50 million to $500 million across a broad scope of asset classes, including a $204 million construction loan for a mixed-use, transportation-oriented center in Phoenix.
The development, dubbed Central Station, represented a growing commitment to bolstering the firm’s presence in the Arizona city, said Garrett Bjorkman, a managing director at CIM.
“We think the fundamentals of Phoenix continue to be incredibly appealing. There is a tremendous amount of migration to the market from other cities in the US because the lifestyle is fantastic, the cost of living is relatively low to other markets, and there is really strong employment and very business-friendly policies,” Bjorkman said in August 2022. “It has always been a big market but the rate of growth here has been incredible and, over the past few years, more people have realized all of the positive attributes it has to offer.”
Other notable 2022 loan highlights for CIM Group included a $147 million acquisition loan for a 379-unit apartment community in Phoenix, a $353 million acquisition loan for four office towers in Phoenix and a $343.8 million acquisition loan for a 55-story Class A office tower in Atlanta.
Bjorkman said previously that 2022 had been a volatile time for public markets and one where CIM was thoughtful about the investments it was making. He said CIM was looking to grow its credit platform quickly with the Central Station transaction representing the type of deals the firm is focused on.
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