SAN FRANCISCO–CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, announced today that a CIM-managed fund has closed a $67.5 million loan to The Roxborough Group and AWH Partners to acquire Hotel Villa Florence in San Francisco, California. (ED. NOTE: According to previous reporting by The Registry, the property sold for $87.5 million. The buyer was a joint venture between AWH Partners & The Roxborough Group.)
Hotel Villa Florence is a boutique hotel located at 225 Powell Street in Union Square in downtown San Francisco. Originally built in 1908 and most recently renovated in 2018, the landmark hotel comprises 189 guest rooms and more than 10,000 square feet of ground floor retail space with prime frontage along Powell Street. Guest amenities include a fitness center, business center, and private meeting spaces.
Hotel Villa Florence’s location is serviced by the historic cable car and Powell Street BART/Muni station and within walking distance to San Francisco’s Civic Center, Moscone Center, Financial District, and Chinatown.
CIM Group is an active lender that through its CIM Real Estate Credit Strategies business recently closed a $120 million construction loan for a 26-story apartment and co-living development in Orlando. 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, 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.
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.