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CIM Group Closes $90 Million Loan for Downright Austin, a Renaissance Hotel

Dec 09, 2024

Contract Type

loan

PhoenixFinancial ServicesReal EstateFinanceReal Estate InvestmentLendingCommercial Real Estate

Description

CIM Group, through its Real Estate Debt Solutions business, has closed a $90 million whole loan to Brookfield Asset Management to refinance Downright Austin, a Renaissance Hotel located in downtown Austin. The hotel, a 16-story, 367-room, top-tier full-service establishment, recently underwent a major renovation under Brookfield Asset Management’s ownership, rebranding within Marriott’s brand system from Sheraton to a long-term franchise under the Renaissance brand.

Company Information

Company

CIM Group

Location

Phoenix, Arizona, United States

About

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.