CIM Group, a community-focused real estate and infrastructure owner, operator, lender, and developer, announced today that a CIM-managed fund has closed a $175 million whole loan to an affiliate of Banyan Street Capital and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) for Bank of America Plaza, a 42-story Class A office tower in Downtown Tampa, Florida.
Built in 1986 and renovated in 2018, Bank of America Plaza spans two city blocks making it one of the largest office developments in the Southeast U.S. The property consists of a 795,944-square-foot office tower and an adjacent 1,260-space parking structure that is connected to the property by a covered, climate-controlled skybridge. The building features a newly renovated lobby, full-service fitness center, tenant business lounge and conference facility.
Located at 101 E. Kennedy Blvd. at the corner of North Tampa Street and East Kennedy Boulevard in the heart of Tampa’s Central Business District, Bank of America Plaza is Energy Star rated and meets LEED Gold standards.
CIM Group is an active lender that through its CIM Real Estate Debt Solutions business recently closed a $148 million loan for a 461,000-square-foot office campus in Tysons Corner, Virginia. CIM Group continues to pursue opportunities to provide senior and subordinate transitional bridge loans for commercial real estate projects with strong sponsors.
CIM Group applies its broad experience as an 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 mortgage and mezzanine loans, affiliates of CIM provides bridge and construction financing to owners and developers of commercial real estate in major markets across the United States and works with borrowers to offer an array of lending solutions.
To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/crecs.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.
About Banyan Street Capital
Banyan Street Capital is a premier owner and operator of office buildings in the eastern United States and Texas. As a full-service, vertically-integrated real estate investment firm, Banyan Street Capital always seeks to add value and deliver high risk-adjusted returns to its investors. With its headquarters in Miami, Florida, and regional offices in New York, Atlanta and Jacksonville, Florida, as of December 31, 2021, Banyan Street Capital owned and managed a portfolio of approximately 14 million square feet, with an estimated value of over $4 billion. To learn more, visit www.banyanstreet.com.
About Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $158 billion in assets under management as of September 30, 2021. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.
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Diehl Communications
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karen@diehlcommunications.com
