Transaction provides cash distribution to CMCT as well a recurring management fee
CMCT (NASDAQ:CMCT) announced today that an international institutional investor has acquired a 49 percent interest in 1902 Park Ave., a premier, Class A apartment property located in the Echo Park neighborhood of Los Angeles, a thriving walkable submarket with abundant dining and entertainment options.
Proceeds from the investment were used to pay off the mortgage and fund a distribution to CMCT and another CIM-advised fund. CMCT and the CIM-advised fund each acquired a 50 percent ownership in 1902 Park Ave. in early 2023 in an off-market transaction. These two funds will earn a management fee and potentially an incentive fee based on future performance.
