In a market experiencing unprecedented change, parties involved in high-stakes real estate deals need a steady, trusted hand to guide them. The Paul, Weiss Real Estate Practice leverages a history of executing every kind of real estate property transaction and unparalleled business and legal acumen to help the most complex projects succeed amid volatile economic conditions.
CIM Group Acquires Multifamily Complex for $506 Million
- Client News
- August 31, 2020
Practices
Paul, Weiss advised certain funds sponsored by CIM Group, LLC and multiple third-party co-investors in the acquisition of five multifamily towers in Alexandria, Virginia for an aggregate purchase price of $506 million. It is the largest multifamily transaction of 2020, The Wall Street Journal reported. The acquisition was financed with a $347 million LIBOR-based loan from Freddie Mac. CIM signed a contract to buy the complex prior to the COVID-pandemic from a joint venture of the original developers and owners, Snell Properties and Caruthers Properties, exercised a termination right pursuant to the contract at the outset of the pandemic and subsequently entered into a new contract with the seller at a substantially lower price.
The Paul, Weiss team included real estate partner Harris Freidus and counsel Karla Booth; corporate partner Manuel Frey; tax partner David Mayo and counsel Mashiho Yuasa; and international trade counsel Richard Elliott.