Bank Financial Services

The funding will allow the CIM-led JV to add another 145MW to the project – output already spoken for by an unnamed hyperscaler.

The Boston-based manager, in partnership with Brooksville, acquired the property in 2016 for $421.5m.

The firm, run by former AEW execs, targeted public pension investors via emerging manager programs.

But lenders continue to highlight the different stories around trophy and non-trophy assets.

Real estate private credit managers spent much of 2024 lending selectively. But this activity is set to expand as momentum continues to take hold in the transaction market.

Commentary from Jerome Powell signals the growing need for asset management as a primary way of generating returns.

The $1.5bn acquisition will nearly double the manager’s real estate AUM and dramatically expand its equity platform.

The headlines are becoming more positive but a recovery in US office remains skewed toward prime assets.

The CMBS market saw $9.1bn of new issuance in January, double what was seen during the same period in 2024.

The funding will be used by Uber, Golden State Warriors and Alexandria JV to refinance a pair of office buildings on the Chase Center campus.