On March 28, 2023, an indirect wholly-owned subsidiary of Creative Media & Community Trust Corporation completed the previously announced acquisition of a 98.05% interest in Eleven Fifty Clay, a 16-story apartment building with 288 units in downtown Oakland, California, from 1100 Clay Venture Holdings, LLC (the Clay Seller") for $142.7 million (including an assumption of a mortgage of approximately $78.3 million). The purchase was funded from cash on hand (including proceeds from the offering of CMCT's Series A1 Preferred Stock offering) and a drawing under CMCT's revolving credit facility. The Clay Seller is indirectly wholly-owned by a fund that is managed by an affiliate of CIM Group Management, LLC, whose affiliates serve as the investment adviser to CIM Urban Partners, LP, an indirectly wholly-owned subsidiary of CMCT, and the manager of CMCT.

The equity interest purchase and sale agreement relating to the acquisition contains customary terms and conditions.