HOUSTON–(BUSINESS WIRINGThe CIM Group, owner, operator, lender and developer of real estate and infrastructure, announced today that it has closed a $ 135.85 million construction loan to Medistar Corporation. The loan package will finance the construction of a student housing estate and garage at Texas A&M Innovation Plaza, a five-acre mixed-use project at the Texas Medical Center in Houston, Texas. Developed by Medistar in partnership with Texas A&M University System, it is the largest public-private partnership outside of flagship Texas A&M University in College Station, Texas.
Located at the intersection of Holcombe Boulevard and Main Street, the project will provide priority housing for Texas A&M University medical students, nurses and engineers, as well as students at Texas Medical Center member institutions.
The 19-story student residence will consist of 483 dormitories with 714 beds and 3,400 square feet of retail space on the ground floor. The adjoining garage will contain 2,638 spaces, 15,200 square feet of ground floor retail space and a central plaza. The garage will provide parking for the student residence, retail, community visitors and the newly built Discovery Tower at Texas A&M, which will house the academic and research facilities for Texas A&M’s iconic new medical engineering program (“EnMed”).
The new garage will also support the Horizon Tower, a 485,000-square-foot medical office and life sciences tower, which was laid down on June 1. Horizon Tower is currently being rented and under construction. It is developed by Medistar Corporation and its partner Healthcare Trust of America, Inc. ., with a delivery schedule at the beginning of 2023.
The CIM Group is an active lender that recently, through its CIM Real Estate Strategies business, closed a construction loan of approximately $ 90 million and a bridging loan of approximately $ 122 million. The CIM Group continues to seize opportunities to provide senior and subordinate bridging loans for commercial real estate projects with strong sponsors.
The CIM Group applies its extensive experience as an owner, operator and developer of all types of commercial real estate in its lending strategy, which sets the company apart from many other debt providers. Through mortgage and mezzanine loans, CIM provides bridge and construction finance to commercial property owners and developers in major US markets and works with borrowers to provide a range of lending solutions.
To learn more about CIM Group’s lending strategies, visit www.cimgroup.com/crecs…
About CIM Group
CIM is a community focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has strived to create value in projects and positively impact the lives of people in communities across America, completing over $ 60 billion in major real estate and infrastructure projects. CIM’s diverse team of experts apply their extensive knowledge and disciplined approach to the practical management of real assets – from due diligence to transactions through divestiture. CIM is committed to making a 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…