Parcel EF at the Cambridge Crossing development in East Cambridge, MA.
EAST CAMBRIDGE, MA—San Francisco-based Divco West has secured a $433.8-million construction loan for the next phase of its Cambridge Crossing project here.
The financing was originated by Square Mile Capital Management, LLC of New York City for the development of parcels EF and Q1, which will contain lab, office and retail space.
Once complete, parcel EF will be a nine-story, 479,000-square-foot science and tech building with ground-level retail and below-grade parking.
Parcel Q1 will be a two-story, 19,000-square-foot office and retail building.
Square Mile principal Sean Reimer says, "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."
At full build-out Cambridge Crossing will feature 11 acres of open green space, 2.1 million square feet of science and tech space, 2.4 million square feet of residential space and 100,000 square feet of retail space.
The property is located at the intersection of Cambridge, Somerville, and Boston next to Kendall Square and near Harvard and MIT.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
