CIM Group closes $ 135.85 million construction loan to Medistar Corporation for Texas A&M University student housing and parking complex in Houston
HOUSTON – (COMMERCIAL THREAD) – CIM Group, a community-driven owner, operator, lender and developer of infrastructure and real estate, today announced that it has entered into a $ 135.85 million construction loan to Medistar Corporation. The loan package will finance the development of a student housing complex and parking lot at Texas A&M Innovation Plaza, a five-acre mixed-use project at Texas Medical Center in Houston, Texas. The development of Medistar with Texas A&M University System is the largest public-private partnership undertaken outside of the flagship Texas A&M University in College Station, TX.
Located at the intersection of Holcombe Boulevard and Main Street, the project will provide priority housing for medical, nursing and engineering students affiliated with the Texas A&M University System, as well as students from member institutions of the Texas Medical Center.
The 19-story student housing building will include 483 residences with a total of 714 beds and 3,400 square feet of retail space on the ground floor. The adjacent parking garage will contain 2,638 spaces, 15,200 square feet of retail space on the ground floor and a central plaza. The garage will provide parking for the student housing building, retail, community visitors and the recently completed Texas A&M Discovery Tower, which will house academic and research spaces for the new Engineering Medicine program ( âEnMedâ) of Texas A&M.
The new parking lot will also support Horizon Tower, a 485,000 square foot medical office and life science tower that opened on June 1. Currently under lease and under construction, Horizon Tower is being developed by Medistar Corporation and its partner Healthcare Trust of America, Inc., with delivery scheduled for early 2023.
The CIM Group is an active lender which, through its business CIM Real Estate Strategies, recently closed a construction loan of approximately $ 90 million and a bridge loan of approximately $ 122 million. The CIM Group continues to seek opportunities 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, differentiating 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 implementing key environmental, social and governance (ESG) initiatives and improving every community in which it invests. For more information, visit www.cimgroup.com.