CIM closes $63.87M in loans for two Florida properties

CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, revealed that its CIM Real Estate Debt Solutions business closed on behalf of a CIM-managed fund a $34.97-million senior loan to a joint venture between Monarch Alternative Capital and HHM Hotels secured by the dual-branded Aloft Orlando International Drive and  Element Orlando International Drive, and a $28.9 million whole loan to Newbond Holdings secured by the Aloft Tampa Downtown, which it acquired earlier this month.

Completed in 2021, the dual-branded Marriott property includes 144-key Aloft and 140-key Element hotels and is located along the I-4 corridor, near the area’s theme parks and the Orange County Convention Center.

Opened in 2014, Aloft Tampa Downtown is a 130-key adaptive reuse of a former office building originally constructed in 1965. The property is one of only three hotels on Tampa’s Riverwalk.

According to the company, CIM Group seeks to expand its hospitality lending focus beyond the full-service sector with a greater capital commitment for select and extended-stay hotels.