CIM Group closes $204m construction loan for 1msf project in Arizona

CIM Group has closed a $204 million construction loan to Medistar Corporation, GMH Communities and a fund sponsored by CBRE Investment Management to finance the development of Central Station, a million-square-foot mixed-use transportation hub in Downtown Phoenix.

Located at 300 N. Central Ave. at Van Buren Street, Central Station will consist of 362 apartments, 435 student housing units with 655 beds, more than 100,000 square feet of office and retail space, and 427 subterranean parking spaces across two 22- and 33-story towers and a podium. Central Station is adjacent to and seamlessly integrates with an existing bus and light-rail transit center and is a public-private partnership with the City of Phoenix and the federal Transit Authority. Central Station broke ground in April 2022.

Central Station is situated adjacent to Civic Space Park and Arizona State University’s Downtown campus and within a short distance to major employment centers, the Metro Light Rail an