SAN JOSE, Calif .– (COMMERCIAL THREAD) – CIM Group, a community-driven owner, operator, lender and developer of infrastructure and real estate, today announced that a fund managed by CIM has closed a $ 150 million loan to AMCAL Equities and Star America to refinance The Grad, a student housing development one block from San Jose State University in downtown San Jose, California.
Located at 88 E. San Carlos St., the 19-story property features 260 units (1,039 beds), 14,889 square feet of ground-level retail and a parking structure with 263 spaces on 1.1 acres. The fully furnished residences offer modern studios, two-, three-, and four-bedroom floor plans overlooking San Jose State University. Residents of Grad have access to state-of-the-art facilities, including study rooms, a computer lab, a fitness center, swimming pool with solarium, and bicycle storage.
The property is served by numerous transit systems such as Caltrain, BART and the VTA light rail, and is located a few miles from the Norman Y. Mineta San Jose International Airport. The financing was organized by Bryan Gortikov of Gortikov Capital.
The CIM Group is an active lender which, through its CIM Real Estate Debt Solutions business, has generated approximately $ 2.2 billion in commercial real estate loans since the start of 2021. The CIM Group seeks to provide senior and subordinate bridging loans for commercial real estate projects with strong sponsors.
CIM Group applies its extensive experience as owner, operator and developer of all types of commercial real estate to its lending strategy, and believes this helps differentiate the company from many other debt providers. Through mortgages and mezzanine loans, CIM provides bridge and construction finance to owners and developers of commercial real estate in major US markets and works with borrowers to offer a range of lending solutions.
To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/crecs.
About the CIM Group
CIM is a community-driven owner, operator, lender and developer of infrastructure and real estate. 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 vast knowledge and disciplined approach to the hands-on management of real assets, from due diligence to transactions to divestiture. CIM strives to make a meaningful difference in the world by executing key environment, society and governance (ESG) initiatives and improving every community in which it invests. For more information visit www.cimgroup.com.