CIM provides $101m construction loan for multifamily project in Phoenix

CIM provides $101m construction loan for multifamily development in Phoenix

CIM Group has provided a $101 million construction loan to a partnership controlled by Hines for the development of a luxury multifamily property in Phoenix.

The Class A multifamily property project in Downtown Phoenix is being developed by Hines on a 1.5-acre site at the Northwest corner of E Jefferson Street and N 3rd Street, located at 222 E. Jefferson St.

The project includes a 379-unit 25-story apartment tower and 10,500 square feet of office space built above three levels of existing underground parking.

The site is within the Collier Center mixed-use development, which consists of approximately 550,000 square feet of Class A office space, restaurants, retail and parking.

The luxury multifamily property will be situated along the Light Rail Route and convenient to downtown activities including CityScape and nationally renowned fine art facilities. It is adjacent to prominent sporting and entertainment venues including Chase Field, Talking Stick Arena and the Phoenix Convention Center.