CIM Group has announced 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 infill 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 32-foot clear heights, spacious truck courts, drive-in doors and ample parking with a total of 593 spaces. Three of the buildings are designed as rear-loading, which offers efficiencies of layout with productive internal
