CIM Group Provides $31M Hotel Refi in NoVA
By Nick Trombola September 24, 2024 12:42 pm
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Los Angeles-based developer and lender CIM Group has closed an eight-figure deal on the opposite end of the country with a firm run by a living legend.
CIM Group’s real estate debt platform provided a $31 million loan to an affiliate of CarrAmerica to refinance the Hotel Indigo Old Town Alexandria, in Alexandria, Va. CarrAmerica is led by 99-year-old Oliver Carr Jr., the legendary founder behind the companies that bear his name.
The five-story, 120-room hotel, which Carr developed in 2017, is at 220 South Union Street.
“CarrAmerica is pleased to continue our relationship with CIM Group with the refinance of the Hotel Indigo in Old Town Alexandria,” Matt Buhts, Carr chief financial officer, told Commercial Observer in an email.
More information about the deal was not immediately available. Representatives for CIM Group did not immediately respond to a request for comment.
Founded in the 1960s by Carr and based in Washington, D.C., CarrAmerica — rebranded from Carr Companies in July — is a real estate investment trust with a diverse portfolio of commercial, residential and hotel assets across the country. If the name CarrAmerica sounds familiar, it’s because it was the onetime name of the firm before it consolidated its ventures under the Carr Companies umbrella in 2016.
CarrAmerica however is not to be confused with Carr Properties, a separate real estate firm which Carr’s sons Bob and Oliver Carr III founded in 2007. Bob Carr retired in 2016, though his father is still chairman of his namesake firm.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
