Orlando, Florida – (BUSINESS WIRINGCIM Group, owner, operator, lender and developer of real estate and infrastructure, announced today that a CIM-managed fund has closed a $ 120 million construction loan to Property Markets Group (PMG) and Raven Capital Management to Finance Society Orlando, 26 -storey mixed-use residential building with retail in Orlando, Florida.
The Society Hotel Orlando, located at 434 N. Orange Ave., differs from traditional residential complexes in that it offers a combination of traditional rental apartments with furnished apartments for cohabitation in a community-oriented residential environment.
The first phase of Society Orlando will feature 462 residential units comprising studios, one- and two-bedroom floor plans, and residential units combining two-, three- and four-bedroom floor plans. The building also provides 33,000 square feet of ground floor retail space and 502 parking spaces. Residents will have access to over 100,000 square feet of modern amenities, including a poolside terrace and outdoor entertainment lounge, a full-service gym and fitness center, and a shared restaurant and marketplace.
Situated in Orlando’s CBD, Society Hotel Orlando is within walking distance of Creative Village, the UCF campus and Valencia College, which occupies 172 downtown acres on a 3.57-acre site on North Orange Avenue between West Amelia and East Streets. -Livingston. The project is designated as a transit oriented development given its proximity to Lynx Central SunRail station.
The Orlando Society is currently under construction and will open in 2023.
The CIM Group is an active lender that, through its business CIM Real Estate Credit Strategies, recently closed a $ 135.85 million construction loan for a student residence and parking complex in Houston, Texas. The CIM Group continues to seek 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 and believes that this helps set 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 significant 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…