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Image courtesy of Tsoi Kobus Design
Developer DivcoWest has received $433.8 million in construction financing for a pair of new buildings at Cambridge Crossing, including a 479,000-square-foot speculative office, lab and retail building on parcel EF.
New York-based Square Mile Capital Management originated the loan for a pair of properties in the 4.5-million-square-foot mixed-use development at the intersection of Cambridge, Somerville and Boston. The financing also covers the 2-story, 19,000-square-foot office and retail building on parcel Q1.
“The Cambridge Crossing development has already seen tremendous leasing momentum to date and is further positioned for success due to its strategic market location. Given those facts, this transaction represented a terrific opportunity for us, and we are pleased to establish a lending relationship with DivcoWest,” Square Mile Principal Sean Reimer said in a statement.
Cambridge Crossing previously landed Sanofi Genzyme as largest commercial tenant and lured the North American headquarters of Phillips North America in a pending relocation from Andover.
