CIM Group Provides $ 43.2 Million Bridge Loan Guaranteed by REVERB by Hard Rock Hotel in Downtown Atlanta
ATLANTA, October 07, 2021– (BUSINESS WIRE) – CIM Group, a community-driven owner, operator, lender and developer of infrastructure and real estate, today announced that a fund managed by a subsidiary of CIM Group has entered into a $ 43.2 million bridging loan given to Bolton Atlanta, LP to refinance the 195-room Hard Rock REVERB hotel, 245 parking spaces in the adjacent parking lot and a 12-story LED billboard in the downtown city ââof Atlanta.
The REVERB Hotel opened in December 2020 and marked the introduction of this new hotel concept by Hard Rock International. Located at 89 Centennial Olympic Park Dr. NW in the Castleberry Hill submarket of downtown Atlanta, the property is directly adjacent to Mercedes-Benz Stadium, State Farm Arena, Georgia World Congress Center, and CNN Center.
The 12-story REVERB hotel offers rooms with advanced technology, coworking spaces, soundproof rooms for personal music sessions or podcast recording, and a designated performance area for live music, all designed in a modern and urban style. The hotel also offers specialties and beverages, including a cafe, restaurant and rooftop bar with stunning views of the Atlanta skyline.
Will James of Colliers arranged the financing for the borrower.
CIM Group is an active lender that, through its CIM Real Estate Debt Solutions business, recently closed a $ 67.5 million loan for an 189-room boutique hotel in San Francisco. 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, 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 implementing key environmental, social and governance (ESG) initiatives and improving every community in which it invests. For more information, visit www.cimgroup.com.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211007005314/en/