PHOENIX, AZ – CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, announced that a CIM-managed fund has closed a $204 million construction loan to Medistar Corporation, GMH Communities, and a fund sponsored by CBRE Investment Management to finance the development of Central Station, a one million-square-foot mixed-use transportation hub in Downtown Phoenix.
Located at 300 N. Central Ave. at Van Buren Street, Central Station will consist of 362 apartments, 435 student housing units with 655 beds, over 100,000 square feet of office and retail space, and 427 subterranean parking spaces across two 22- and 33-tale towers and a podium. Central Station is adjacent to and seamlessly integrates with an existing bus and light-rail transit center and is a public-private partnership with the City of Phoenix and the federal Transit Authority. Central Station broke ground in April 2022.
Central Station is situated adjacent to Civic Space Park and Arizona State University s Downtown campus and within a small distance to major employment centers, the Metro Light Rail, and Sky Harbor International Airport.
CIM Group, an active lender through its CIM Real Estate Debt Solutions business, recently closed a $136.7 million loan for the construction of a 42-tale condominium tower in Honolulu. In 2021, CIM provided a $135.85 million construction loan to Medistar Corporation for the development of a student housing complex and parking garage at Texas A&M Innovation Plaza in Houston. CIM Group seeks to provide senior and subordinate transitional bridge and construction loans for commercial real estate projects with strong sponsors.
CIM Group applies its broad experience as an owner, operator, and developer of all types of commercial real estate to its lending strategy and believes this helps differentiate the company from many other debt providers. Through mortgage and mezzanine loans, affiliates of CIM Group provide bridge and construction financing to owners and developers of commercial real estate in major markets across the United States and works with borrowers to offer an array of lending solutions.

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GOODYEAR, AZ – Embrey, a San Antonio, TX-based vertically integrated real estate investment company, has closed on land in Goodyear, Arizona, the future home to the Senna at Canyon Trails multifamily community. With this development, Embrey is further broadening its footprint in the Phoenix metropolitan area, one of the fastest-growing markets in the country.
Senna at Canyon Trails will be a 284-unit Class A community that will feature upscale amenities such as a two-tale clubhouse overlooking the resort-style pool and a meticulously landscaped courtyard with shade canopies and a firepit. The fitness center also faces the pool courtyard and offers on-demand technology. Other amenities include a connected dog washroom with a grooming table and dryer. Each unit will be equipped with high-end finishes, private balconies and 9′ ceilings. A handful of ground floor units offer private yards around the pool and face the walkable retail and restaurants immediately adjacent to the property.
Goodyear is in the rapidly growing Southwest Valley of the Phoenix Metropolitan area. Senna at Canyon Trails will be conveniently located near major transportation corridors and is approximately 23 miles from downtown Phoenix and 27 miles to the Phoenix Sky Harbor Airport.
“Goodyear has quickly become the Phoenix area’s premier industrial and manufacturing submarket,” states Jimmy McCloskey, Executive Vice President of Development. “This project will be part of a larger retail development and is near many desirable places of employment including Amazon, Chewy.com and Cancer Treatment Centers of America. Senna at Canyon Trails will be a highly sought-after community for this rapidly growing area.”
Construction is scheduled to commence this fall and is expected to be completed in the spring of 2025.

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PORTLAND, OR – Cityview, a vertically-integrated multifamily investment management and development firm, has bought Burnside 26, a four-tale podium-style apartment community in Southeast Portland that features 135 homes with 1,300 square feet of available restaurant space.
Burnside 26 is located in a highly desirable, amenitized and walkable submarket 1.5 miles east of downtown and across the river with bustling entertainment and nightlife, including 64 restaurants and bars within a four-block radius. One of only seven institutional properties in the nearby residential upscale submarkets, the property maintains an impressive walk score of 97 and bike score of 99 with front door access to one of Portland s hottest neighborhoods.
This is an exciting project for Cityview because it allows us to continue our mission of providing and maintaining workforce housing in cities with strong demand drivers, robust employment and population growth, and a diverse employer base, said Sean Burton, CEO of Cityview. With home prices in this area exceeding $600,000, Burnside 26 offers renters high-quality, affordable living focused on sustainability, health and wellness, and high-touch customer service in the heart of one of Portland s most thriving submarkets.
Adjacent to the region s largest employers including Intel, Nike and Providence Health, and with major industries including semiconductors, electronic components, construction and software development, Portland ranks third in the US for net inbound resident moves with some of the nation s fastest job growth.
Some of the exciting improvements Cityview plans to bring to the property are sustainable common area upgrades like making a new bike storage area, monitoring utility usage and waste, and installing EV charging stations and energy efficient LED tube and new sensor installation in the parking garage. Cityview also plans to install rooftop solar panels to sustainably power common areas and repurpose an underutilized space as a fitness center for residents to delight in.
This project offers renters the best of both worlds, simple access to the city s robust job centers and livability in the unique eastside neighborhood, which is home to many of the city s best local bars, eateries, and nightlife, said Devang Shah, Managing Director and Cityview, who was responsible for spearheading this off-market acquisition for Cityview. We believe that Portland s quick economic rebound following COVID coupled with the drop off in projected supply is going to make well-built and well-located real estate in this area continue to gain value in the coming years.

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