TPG Capital has provided financing backing CIM Group’s 527,240 sq ft Sunset La Cienega hotel development project in Los Angeles, Real Estate Capital has learned.
Sources familiar with the deal put the loan amount at roughly $275 million. Both TPG and CIM declined to comment.
The development spans two full city blocks in West Hollywood at 8490 Sunset Boulevard. Two 10-story high-rise towers fill one of two parcels and includes 235,000 sq ft and 296 hotel units. The other parcel will feature two eight-story towers comprised of 292,240 sq ft and 190 hotel units. Both will contain ground level retail space and construction is expected to be complete by the end of 2016.
TPG, a San Francisco-based alternative asset firm, has over $70 billion of assets under management and offices. This April, the firm provided a $57.1 million financing on the acquisition of a 112,000 sq ft storage building in the Long Island City neighborhood of Queens, New York. Earlier this year, TPG’s special situations division formed a joint venture with UK-based development finance provider Maslow Capital.
CIM Group is a real estate investment firm with assets throughout North America, including the 11,000 sq ft mixed use condo at 901 Hancock Avenue, also in West Hollywood. Last month the firm acquired a 95,000 sq ft, four-story Class A office building in Austin, Texas.