CIM Group Closes $204M Loan for Phoenix Mixed-Use Project
The construction loan will finance the development of a one-million-square-foot, transit-oriented project in the city’s downtown neighborhood.
PHOENIX, AZ – Partners, Medistar Corp., GMH Communities and a fund sponsored by CBRE Investment Management have obtained a $204 million construction loan, closed by a CIM Group-managed fund, for the development of a one-million-square-foot, mixed-use project in downtown Phoenix, AZ.
The two-tower development, titled Central Station, will feature 362 apartments, 435 student housing units with 655 beds, more than 100,000 square feet of office and retail space, and 427 subterranean parking spaces. The project broke ground in April 2022.
As a public-private partnership with the City of Phoenix and the Federal Transit Authority, Central Station will offer nearby access to an existing bus and light-rail transit center.
Located at 300 N. Central Ave. at Van Buren St, the 22-story tower and 33-story tower are additionally situated adjacent to Civic Space Park and Arizona State University’s downtown campus.
In 2021, CIM Group provided Medistar Corp. with a $135.9 million construction loan to finance the development of a student housing complex and parking garage at Texas A&M Innovation Plaza in Houston, TX.