ING Real Estate Finance (USA) LLC successfully closed a US$106.2 million first mortgage construction loan to Block Three Development Partners LLC. ING Real Estate Finance's Los Angeles office acted as Administrative Agent and underwrote the entire loan amount.
The proceeds from the loan will be used to develop Tower 88, the first Phase of Central Place, a luxury mixed-use 22-story tower in downtown San José, CA, which will contain 197 condominium units, 31,618 ft² of retail, and a 622-space parking structure. The project is being developed with the sponsorship of the San José Redevelopment Agency.
Block Three Development Partners LLC is a joint venture comprising affiliates owned and controlled by CIM Urban Real Estate Fund, LP, Stockbridge Real Estate Fund II, and Wilson Meany Sullivan.
CIM Urban Real Estate Fund, LP is an affiliate of CIM Group, Inc. CIM Group, Inc. is a fullservice private equity real estate investor and was founded in 1994. Stockbridge Real Estate Funds are a series of real estate private equity investment vehicles which are capitalized by major public and private pension funds and corporate investors.
Wilson Meany Sullivan is a privately-owned real estate investment and development company focused on high quality, infill locations throughout California.
Source: ING Real Estate