January 28, 2020
Square Mile Capital Management originated a $433.8-million construction loan to finance the next phase of DivcoWest’s Cambridge Crossing master-planned development in East Cambridge, MA. The financing is for the development of parcels EF and Q1, which will contain lab, office, and retail space totaling 498,000 square feet.
Square Mile principal Sean Reimer said, “Divco West 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.”
Overall, Cambridge Crossing is expected to contain 11 acres of open green space, 2.1 million square feet of science and tech space, 2.4 million square feet of residential and 100,000 square feet of retail.
For comments, questions or concerns, please contact Paul Bubny