The REIT received double-digit bids on the property.

The 333-unit apartment building is delivering into a challenging market, but CIM Group is adjusting its leasing strategy to reflect the market changes.

Funded by Related Fund Management, the construction loan is among the largest in L.A. County so far this year.

The company purchased the two land sites from Schuck Communities and plans to develop a one-million-square-foot, built-to-suit distribution facility for a national home improvement retailer.