New York City, NY– Square Mile Capital Management LLC announced that it has originated a $433.8 million construction loan to finance the next phase of the Cambridge Crossing master-planned development being created by DivcoWest in East Cambridge, MA. The financing is for the development of parcels EF and Q1, which will contain lab, office, and retail space.
Square Mile Principal Sean Reimer said, “DivcoWest is a prominent developer and operator nationwide with expertise within the Cambridge life sciences market. 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.”
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. Overall, Cambridge Crossing is expected to be a premier live/work/play neighborhood containing 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 located at the intersection of Cambridge, Somerville, and Boston next to Kendall Square and proximate to the world-class institutions of Harvard and MIT.
DivcoWest is a vertically-integrated operator, owner, developer and real estate partner of the innovation economy with offices in San Francisco, Los Angeles, Washington D.C., New York, and Boston. Since its inception, DivcoWest and its predecessor have acquired more than 46 million square feet of commercial space – primarily located throughout the United States – and have been actively investing in Cambridge and the greater Boston area since 2007, acquiring and managing more than 3.4 million square feet of technology and life science related space across 33 properties.
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States. Square Mile Capital’s equity platform serves as a partner of choice for opportunistic and value add real estate investments across all property types. By identifying the impact of long-term trends on real estate values, the firm focuses on key investment themes and investment structuring in order to maximize risk-adjusted investment returns.