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The West Hollywood site has a long history and big-name tenants.
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WeWork is the biggest tenant in the building, which is tied to a $399M CMBS loan.
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The sale was at a $50M discount from the asking price listed in August marketing materials.
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The retail underpins the $6B project, which has been in the works since the early 2000s.
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Pacific Elm Properties secured a $132.5M loan from CIM Group to recapitalize Santander Tower at 1601 Elm St.
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The company has also received $400M in financing to help accelerate solar projects in California.
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The merger with CIM Real Estate Finance Trust sets the stage for the asset manager and developer to go public without a traditional IPO.
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The lender bid $100 to win the asset in the foreclosure auction.
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The joint venture of Kushner Cos., CIM Group and LIVWRK are hunting for construction loans for their residential project planned at 85 Jay St. in Dumbo.
Construction underway for a big mixed-use from CIM Group.
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