CIM Group Provides $73 Million Loan Secured By Legacy Commons Office Campus in Plano, TX
CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer based in Los Angeles, announced today that a CIM-managed fund has closed a $73 million whole loan to Taconic Capital Advisors and Champion Partners to refinance and provide future leasing capital for Legacy Commons, a 287,044-square-foot, three-story office campus and 5.3-acre undeveloped land site in the master-planned Legacy community in Plano, Texas.
Located on a 19.7-acre site at 5301 Legacy Dr., Taconic and Champion acquired the property in 2019 and have undertaken an approximately $10 million capital improvement program that includes the addition of attractive common areas and tenant amenities such as an outdoor courtyard and amphitheater, lounge and meeting area, fitness center, and renovation of the two-story lobby and main entrance. Originally constructed in 1998 as the headquarters for Dr. Pepper, the ownership is modernizing and repositioning the property to meet the needs of today’s businesses.
Previously, a CIM-managed fund provided a $190 million loan to Taconic, which closed in August 2020, to refinance the 780,000-square-foot International Plaza I and II office campus in Dallas.
Erik Hamilton, who has more than 15 years in CRE journalism, is a former staff writer with the Los Angeles Times and the Orange County Business Journal. In addition to The Times and the OCBJ, he was also a reporter and editor for Crittenden Research, The San Bernardino Sun and UPI. Erik also worked six years in CRE public relations with Los Angeles-based Hoyt Organization, where he was a Senior Account Executive. He later joined Lee & Associates where he served as the Director of Corporate Communications. There ,in addition to his work with Lee’s CEO, he managed 57 offices nationwide and provided PR, social media and media training for the offices. A graduate of UC Irvine, with a BA in history, he is an avid record collector where he continues to search for a rare Joy Division single.
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