CMCT (NASDAQ: CMCT, TASE: CMCT) announced that an international institutional investor has acquired a 49% stake in 1902 Park Ave., a Class A apartment property situated in Los Angeles’ Echo Park neighborhood, known for its vibrant walkable area filled with dining and entertainment options.
The investment proceeds were used to settle the mortgage and provide distributions to CMCT and another CIM-advised fund. CMCT and the CIM-advised fund each acquired 50% of the ownership in the property in early 2023 through an off-market deal. Both entities will receive a management fee and potentially an incentive fee, dependent on future performance.
The 75-unit apartment complex is located next to 1910 W. Sunset Blvd., an eight-story creative office property that CMCT acquired in February 2022. CMCT is also developing a 36-unit apartment community on a former surface parking lot at 1910 W. Sunset Blvd., with completion expected in the third quarter of 2025. Both the office building and apartment development are joint ventures between CMCT and an international pension fund.
ABOUT CMCT
Creative Media & Community Trust Corporation (“CMCT”) is a real estate investment trust that owns, operates and develops premier multifamily and creative office assets in vibrant communities throughout the United States. CMCT is a leader in creative office, acquiring and developing properties catering to rapidly growing industries such as technology, media and entertainment. CMCT applies the expertise of CIM to the acquisition, development, and operation of top-tier multifamily properties situated in dynamic markets with similar business and employment characteristics to its creative office investments. CMCT also owns one hotel in Northern California and a lending platform that originates loans under the Small Business Administration (“SBA”)’s 7(a) loan program. CMCT is operated by affiliates of CIM Group, L.P., a vertically-integrated owner and operator of real assets with multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing, and onsite property management capabilities.
Forward-Looking Statements
This press release includes forward-looking statements as defined under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements reflect management’s expectations regarding future operations and projects, such as those related to 1902 Park Ave. and 1910 W. Sunset Blvd. Forward-looking terms such as “may,” “will,” “expect,” “anticipate,” “project,” “intend,” and similar expressions indicate these statements.
Such forward-looking statements are based on assumptions made by CMCT’s management, influenced by past experience and expectations of future events. These statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including changes in market rents, development timelines, interest rates, and general economic conditions.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. CMCT does not undertake any obligation to update these statements except as required by law.
