CIM Group provides $ 148 million in loans for a 460,000 square foot office campus in Tysons Corner, Virginia
TYSONS CORNER, Virginia – (BUSINESS WIRE) – CIM Group, a community owner, operator, lender, and developer of real estate and infrastructure, announced today that a CIM-managed fund has granted a $ 148 million loan to a joint venture between Westbrook Partners and American Real Estate Partners has completed the refinancing at Highline in Greensboro, a grade A office campus in Tysons Corner, Virginia.
Highline at Greensboro is located at 8401 & 8405 Greensboro Dr. in McLean, Virginia, and consists of two 10-story buildings with approximately 461,000 square feet of office space, retail and recreational space on the ground floor, and an underground parking lot with 1,333 spaces. The property recently underwent a major renovation that included enhancements to the facade, lobbies and public areas, as well as the addition of amenities for tenants such as a state-of-the-art fitness center, tenant lounge, outdoor space and conference center for 60 people.
Highline at Greensboro offers easy access to the Silver Line Spring Hill Station and major arteries such as Dulles Toll Road, I-495 and Route 66, and benefits from proximity to downtown Rosslyn, Washington DC and Dulles International Airport. The property is adjacent to The Boro, the 3.5 million square foot mixed-use residential area in downtown Tysons.
CIM Group is an active lender that recently completed a $ 90.25 million loan for a 247-unit community in Arlington, Virginia through its CIM Real Estate Debt Solutions business. The CIM Group strives to provide senior and subordinated transitional loans for commercial real estate projects with strong sponsors.
The CIM Group uses its extensive experience as the owner, operator and developer of all types of commercial real estate in its loan strategy and believes that this will help set the company apart from many other lenders. Through mortgage and mezzanine loans, CIM affiliates provide bridge and home finance to commercial property owners and developers in major markets in the United States and work with borrowers to provide a range of credit solutions.
To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/crecs.
About the CIM group
CIM is a community based real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought value on projects and positively impacted the lives of people in communities across America by donating more than $ 60 billion in major real estate and infrastructure projects. The diverse team of experts at CIM applies its broad knowledge and disciplined approach to the practical management of property, from due diligence to operation and sale. CIM strives to make a meaningful difference in the world by implementing key environmental, social and governance (ESG) initiatives and improving every community it invests in. For more information, visit www.cimgroup.com.
About Westbrook Partners
Founded in 1994, Westbrook Partners is a fully integrated global real estate investment company. Westbrook experts have invested more than $ 14 billion in equity in over $ 50 billion in real estate. Westbrook Partners is currently investing its eleventh real estate fund with more than $ 2.5 billion in capital commitments, over which Westbrook Partners retains full discretion. Westbrook Partners’ investments have included office, industrial, multi-family, retail and residential properties.
About American Real Estate Partners
American Real Estate Partners (AREP), headquartered in the Greater Washington Area, is an institutional fund manager and operational partner focused on office and mixed-use repositioning and residential and data center development across the Greater Mid-Atlantic region.
Since the company was founded in 2003, AREP has provided over $ 4.5 billion to various target regions. AREP’s vertically integrated real estate platform offers world-class expertise in all property disciplines, from development, asset management and building operations to investment strategy, market research and acquisitions. By leveraging this expertise, AREP stays at the forefront of property innovation and maximizes building performance to create real value.