CIM Group Provides $204 Million Construction Loan for Central Station Mixed-Use Project Near ASU’s Phoenix Campus

Phoenix — A CIM Group-managed fund has provided a $204 million construction loan to Medistar Corp., GMH Communities and a fund sponsored by CBRE Investment Management to finance the development of Central Station.

The joint venture broke ground on the 1.1 million-square-foot mixed-use project in April, which is located adjacent to Arizona State University’s (ASU) Downtown Phoenix campus. The development will consist of 362 multifamily units; 435 student housing units; more than 100,000 square feet of office and retail space; and 427 subterranean parking spaces across two 22- and 23-story towers.

The student housing component of the project will offer 655 beds in studio through four-bedroom units. The development is located adjacent to an existing bus and light-rail transit center and is a public-private partnership with the City of Phoenix and the federal Transit Authority. The project is scheduled for completion in 2024.