Crown Realty & Development has received a $147 million loan from a fund managed by CIM Group for Adeline, a recently completed 379-unit luxury high-rise community in downtown Phoenix.
Further details about the loan were not disclosed. The most recent owner of the property was Hines, which began development of the 25-story building at 222 E. Jefferson St. in 2020. CIM Group also provided a $101 million construction loan in August 2019, according to Yardi Matrix data.
Adeline, which is managed by Greystar, has 75 studio, 179 one-bedroom and 125 two-bedroom residences with units ranging in size from 674 square feet to 1,586 square feet. It also has four fully furnished guest suites. The units have floor-to-ceiling windows, quartz countertops, stainless steel appliances, wood-style flooring, full-size washers and dryers, and walk-in closets with custom shelving.
Community amenities include a valet and concierge service, oversized swimming pool and hot tub, fitness center, coworking spaces, game room, community kitchen, landscaped gardens and rooftop dog park. The property has 4,500 square feet of ground-floor retail space and 10,579 square feet of commercial office space.
Located in downtown Phoenix. Adeline offers residents easy access to premier sports and entertainment venues such as Talking Stick Resort Arena, Chase Field and the Phoenix Convention Center. It is close to employment centers and universities and is also within walking distance of restaurants, retail and cultural attractions. Two Valley Metro Light Rail stops provide regional service and connectivity.
CIM Group Lending
CIM Group is an active lender through its CIM Real Estate Debt Solutions business. 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.
The firm is also an owner, operator and developer of commercial real estate. CIM Group recently closed a $353 million loan for the acquisition of four office towers totaling 1 million square feet at The Esplanade mixed-use campus in Phoenix. Earlier this year, a fund managed by CIM Group provided a $137 million construction loan to Kenneth Kai Chang and Jeneration Capital to build Ililani, a 42-story condominium development in Honolulu.