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DALLAS–(BUSINESS WIRE)–CMCT (NASDAQ & TASE: CMCT) announced today the appointment of Shaul Kuba as Chief Investment Officer. Mr. Kuba will direct the continued expansion of CMCT’s portfolio of highly amenitized, premier multifamily and creative office assets in dynamic, high barrier to entry markets.
Recently, CMCT announced that it is acquiring 696 apartment units across three assets in Los Angeles and the Bay Area. Further, CMCT has a pipeline of multifamily development opportunities, on land it owns, representing more than 1,500 units.
As part of CMCT’s strategy, CMCT leverages the global partner and investor relationships and the development capabilities of CIM Group, its manager, to execute on CMCT’s pipeline using an asset-light approach. CMCT raises third party capital on an asset-level basis, maintains a minority interest and earns a management fee and a percentage of the profits. CMCT believes this is a compelling model that is expected to contribute to strong returns on invested capital. In March, CMCT announced that it closed a co-investment with three international institutional investors to convert a prominently located office building in Los Angeles to multifamily. CMCT will maintain 20% ownership of the building.
Mr. Kuba is a CMCT board member as well as a co-founder of CIM Group. He brings his vast experience in creative office, multifamily and mixed-use investment and development to leading CMCT’s investment activities and has been instrumental in sharpening CMCT’s focus on investing in next generation assets alongside co-investors.
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 (www.creativemediacommunity.com).