CIM Group Closes $57.5 Million Loan on 533,000-Square-Foot Houston Industrial Property Portfolio to Creation Equity and PGIM Real Estate
Prudential Financial, Inc. (PRU)
Last prudential financial, inc. earnings: 2/4 04:18 pm
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Source: Business Wire
LOS ANGELES--(BUSINESS WIRE)--CIM Group announced today that its CIM Real Estate Debt Solutions business, on behalf of a CIM-managed fund, has closed a $57.5 million whole loan to Creation Equity and PGIM Real Estate to refinance a four-building, approximately 533,000-square-foot industrial property portfolio in Northwest Houston.Completed in May 2024, the portfolio consists of Houston Point 290, a three-building complex located at 9210 Highway 6 N, and Cypress Creek Distribution Center, located at 9580 Cypress Creek Parkway. The in-fill developments in Northwest Houston are in a mature industrial market convenient to the Port of Houston, which is one of the fastest growing U.S. port operations and bounded by two major regional thoroughfares Route 6 and Route 290.The buildings offer the in-demand features for modern industrial facilities including 32-foot clear heights, spacious truck courts, drive-in doors and ample parking with a total of 593 spaces. Three of the buildings are d
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