Divco West Secures $434M for Next Phase of Cambridge Crossing Project
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.
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.