Creative Media & Community Trust Corp (CMCT): M&A transaction — CMCT completes $122.8M Oakland acquisitions; agrees to $142.7M Eleven Fifty Clay purchase

Creative Media & Community Trust Corp

Closed acquisition of 89.42% interest in Channel House (333 units), land parcels F-3 and Site D for $120.4M, $0.2M, and $2.2M.
Agreed to acquire 98.05% interest in Eleven Fifty Clay (288 units) for $142.7M including $77.5M mortgage assumption; $10M non-refundable deposit paid.
Eleven Fifty Clay expected to close no later than March 31, 2023; funded by cash, preferred stock proceeds, and credit facility draw.
Also announced intention to acquire 75-unit Parkview Apartments in Los Angeles; expected close mid-February 2023.
All sellers are affiliates of CIM Group, which manages CMCT; related-party transactions.

item 1.01 item 2.01 item 2.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Creative Media & Community Trust Corp completed an acquisition involving Jack London Square Development (Oakland) Holdings, LLC, JLS F-3 (Oakland) Holdings, LLC, and 466 Water Street (Oakland) Holdings, LLC for $120.4 million, $0.2 million and $2.2 million, respectively (closed 2023-01-31).

Action: acquisition
Counterparty: Jack London Square Development (Oakland) Holdings, LLC, JLS F-3 (Oakland) Holdings, LLC, and 466 Water Street (Oakland) Holdings, LLC
Consideration: $120.4 million, $0.2 million and $2.2 million, respectively
Closing: 2023-01-31

Exact text from the filing

On January 31, 2023, indirect wholly-owned subsidiaries of CMCT acquired an 89.42% interest in each of Channel House, an 8-story apartment building with 333 units in Jack London Square, Oakland, California, land parcel F-3 and land parcel Site D, in each case located in Oakland, California, from Jack London Square Development (Oakland) Holdings, LLC (the “Channel Seller”), JLS F-3 (Oakland) Holdings, LLC (the “F-3 Seller”) and 466 Water Street (Oakland) Holdings, LLC (the “Site D Seller”, and together with the Channel Seller and the F-3 Seller, the “Sellers”), respectively, for $120.4 million, $0.2 million and $2.2 million, respectively (including, in the case of Channel House, an assumption of a mortgage of $103.0 million).

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Source: SEC EDGAR

accession 0000908311-23-000007

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