CIM Group Provides $148 Million Loan for 460,000-Square-Foot Office Campus in Tysons Corner, Virginia
TYSONS CORNER, 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 $148 million loan to a joint venture between Westbrook Partners and American Real Estate Partners to refinance Highline at Greensboro, a Class A office campus in Tysons Corner, Virginia.
Located at 8401 & 8405 Greensboro Dr. in McLean, Virginia, Highline at Greensboro consists of two 10-story buildings comprising approximately 461,000 square feet of office space, ground floor retail and amenity space, and a 1,333-stall underground parking garage. The property recently underwent a comprehensive renovation that included upgrades to the façade, lobbies and common areas, and the addition of tenant amenities including a state-of-the-art health club, tenant lounge, an outdoor plaza, and a 60-person conference center.
Highline at Greensboro’s location offers easy access to the Metro Silver Line Spring Hill Station and major transportation arteries such as Dulles Toll Road, I-495, and Route 66, and benefits from proximity to downtown Rosslyn, Washington D.C., and Dulles International Airport. The property is adjacent to The Boro, the 3.5-million-square-foot mixed-use development in downtown Tysons.
CIM Group is an active lender that through its CIM Real Estate Debt Solutions business recently closed a $90.25 million loan for a 247-unit apartment community in Arlington, Virginia. 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 Westbrook Partners
Westbrook Partners was founded in 1994 and is a fully integrated global real estate investment firm. Westbrook professionals have invested more than $14 billion of equity in over $50 billion of real estate assets. Westbrook Partners is currently investing its eleventh real estate fund with capital commitments in excess of $2.5 billion, over which Westbrook Partners maintains complete discretion. Westbrook Partners’ investments have included office, industrial, multifamily, retail and lodging properties.
About American Real Estate Partners
Headquartered in the Greater Washington metropolitan area, American Real Estate Partners (AREP) is an institutional fund manager and operating partner focused on office and mixed-use repositioning, residential and data center development throughout the Greater Mid-Atlantic Region.
Since the company’s founding in 2003, AREP has deployed over $4.5 billion across targeted geographies. AREP’s vertically integrated real estate platform provides best-in-class expertise in all ownership disciplines, from development, asset management and building operations to investment strategy, market research, and acquisitions. By leveraging this expertise, AREP remains at the leading edge of real estate innovation, maximizing building performance to provide real value.
Contacts
Karen Diehl
Diehl Communications
310-741-9097
karen@diehlcommunications.com