The sale of the Southern Towers complex, the first time it has sold since its development in 1960, is one of the region's largest-ever apartment sales.
Trepp and Morningstar indicated the borrower is seeking forbearance on the loan backed by the Alexandria property because of the coronavirus.
Another 1M-plus SF industrial play closes in Fort Worth.
Garzia will be starting from the ground up with retail leasing at a project that has yet to begin.
Significant work on the Gulch may not start until 2021.
CIM obtained a $71M acquisition loan from Athene Annuity and Life Co. for the acquisition of the 301-unit The Vale apartment building.
Mack is the latest string in high-profile hirings by CIM Group for the Gulch redevelopment.
While a "gargantuan undertaking" that has progressed slowly, one financial expert says CIM has the team to accomplish the project.
CIM is the latest developer to change course for a plot of land, pivoting to multifamily development from office.
CIM Group is investing in Novva Data Centers to drive the Salt Lake company's expansion beyond its two existing data center campuses.
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