CIM Group Provides $90.25 Million Loan for 247-Unit Apartment Community in Arlington, VA
ARLINGTON, Va.–(BUSINESS WIRE)–CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, announced today that a CIM-managed fund has closed a $90.25 million loan to an affiliate of Carr Companies and the Oliver Carr Company for the acquisition of Columbia Crossing, a 247-unit apartment community in Arlington, VA.
Located at 1957 Columbia Pike, Columbia Crossing consists of six garden-style walk-up buildings and 324 parking stalls across 6.34 acres. Built in 1991, Columbia Crossing’s 247 apartment homes include one-, two-, and three-bedroom floor plans. Residents have access to a variety of amenities including a community clubhouse with a game room, business center, billiard room, fitness center, swimming pool, and an outdoor grilling area. Loan proceeds will be used to complete interior and exterior renovations and upgrades on the property.
Columbia Crossing benefits from its central location on Columbia Pike, providing direct access to National Landing, Virginia Tech’s Innovation Campus, and major transportation arteries including I-395, Glebe Road, and Washington Boulevard, which offers connectivity to the Rosslyn-Ballston Corridor, Tyson’s Corner, Reston-Herndon, Alexandria, and Washington, D.C. The property is less than two miles from the Pentagon and Amazon HQ2, and within a 10-minute drive from Reagan National Airport.
CIM Group is an active lender that through its CIM Real Estate Debt Solutions business recently closed a $72 million loan for a 160-acre film production complex outside Atlanta. CIM Group seeks 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 provide 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 Carr Companies
Carr Companies is a privately held mixed-use acquisitions, development and flexible workplace company founded by Chairman Oliver T. Carr, Jr. Five generations of the Carr family have worked in the Washington, D.C. real estate industry to develop some of the most transformative projects in the region. Today, Carr Companies brings its extensive expertise in hospitality, coworking and development to bear in pursuit of a single mission to build communities where people can thrive. For more information, visit www.thecarrcompanies.com.
About the Oliver Carr Company
The Oliver Carr Company is a family holding company containing assets not included in the company’s 1993 IPO (CarrAmerica). Its holdings are comprised of real estate interests and additional equity investments in private and public real estate companies and private equity funds. The company is regionally focused in the DC area, where it has been based since its founding by Chairman Oliver T. Carr, Jr., in 1962.