CIM Group announced that its CIM Real Estate Debt Solutions business, on behalf of a CIM-managed fund, has closed a $90 million whole loan to Brookfield Asset Management to refinance Downright Austin, a Renaissance Hotel in downtown Austin.
Downright Austin is a 16-story, 367-room, top-tier full-service hotel located at 701 East 11th Street. Downright Austin amenities include a fitness center, outdoor pool, café, on-site bar and restaurant, indoor/outdoor event space and valet and on-site parking. Under Brookfield Asset Management’s ownership, the hotel underwent a major renovation that included upgrades to all guest rooms; the expansion of the public spaces; and improved amenities including the addition of Morning Bird, a breakfast and lunch café, and Swim Club, a poolside bar and restaurant. For accommodating meetings and events business, the hotel features 17,018 square feet of indoor meeting space and 13,000 square feet of outdoor event space. Following the completion
