CAMBRIDGE, MA-GMAC Commercial Mortgage Corp. provides a $160-million interim loan to JER Partners and Lincoln Property Co. for the refinancing of One Kendall Square, a nine-building biotech and office complex here.

BOSTON-The Big Dig awards its last major project to Modern Continental, indicating that the massive $14.5 billion highway construction project going on in the heart of the city here is finally almost done. The $179.4 million bid was $3.2 million above office estimates.

EVERETT, MA-The agency created to oversee TeleCom City, the 200-acre project to create office space for the telecommunications industry in Everett, Revere and Malden, looks to develop housing on an adjacent site.

MALDEN, MA-The redevelopment of Rowe's Quarry here is awaiting the Massachusetts Highway Department's verdict on the proposed traffic changes necessary for the project to move ahead. The decision is expected any day.

WALTHAM, MA-This city makes its third land purchase in a year with its acquisition of 6.5-acre Jericho Hill for $750,000. The buy is part of city Mayor David Gately's effort to preserve some parcels here as open space.

BOSTON-Jones Lang LaSalle closes its office here at One Boston Place. The move is part of a cost-containment strategy implemented by the Chicago-based real estate and investment management company last year and will close down the company's local capital markets division.

LEXINGTON, MA-Stride Rite Corp. will open 50 retail properties, implementing its plan to sever ties with Federated Department Stores. The company currently leases space within the children's shoe departments of Federated stores.

PEABODY, MA-Avalon Bay Communities wants to develop a 395-unit apartment complex on part of a 63-acre site that straddles this town and Danvers. The Quincy-based developer has applied for a comprehensive permit for the project and is under contract to acquire the parcel.