HOUSTON–CIM Group, a community-focused real estate and infrastructure owner, operator, lender, and developer, announced that it has closed a $135.85 million construction loan to Medistar Corporation.
The loan package will finance the development of a student housing complex and parking garage at Texas A&M Innovation Plaza, a five-acre mixed-use project at the Texas Medical Center in Houston, TX. The Medistar development with Texas A&M University System is the largest public-private partnership undertaken outside Texas A&M’s flagship university in College Station, TX.
Situated at the intersection of Holcombe Boulevard and Main Street, the project will provide priority housing for Texas A&M University System-affiliated medical, nursing, and engineering students, as well as students of the member institutions within the Texas Medical Center.
The 19-story student housing building will consist of 483 residences with a total of 714 beds and 3,400 square feet of ground floor retail. The adjacent parking garage will contain 2,638 spaces, 15,200 square feet of ground floor retail, and a central plaza. The garage will provide parking for the student housing building, retail uses, community visitors, and Texas A&M’s recently completed Discovery Tower, which will house academic and research space for Texas A&M’s new landmark engineering medicine (“EnMed”) program.
The new parking garage will also support Horizon Tower, a 485,000-square-foot medical office and life science tower that broke ground June 1. Now leasing and in construction, Horizon Tower is being developed by Medistar Corporation and partner Healthcare Trust of America, Inc., on-schedule for delivery for early 2023.
CIM Group is an active lender that through its CIM Real Estate Strategies business recently closed an approximately $90 million construction loan and an approximately $122 million bridge loan. 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, differentiating the company from many other debt providers. Through mortgage and mezzanine loans, 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.