East Cambridge, MA Square Mile Capital Management LLC (Square Mile Capital) has originated a $433.8 million construction loan to finance the next phase of the Cambridge Crossing master-planned development being created by DivcoWest. 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 s/f science and tech building with ground-level retail and below-grade parking. Parcel Q1 will be a two-story, 19,000 s/f 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 s/f of science and tech space, 2.4 million s/f of residential space, and 100,000 s/f of retail space located at the intersection of Cambridge, Somerville, and Boston next to Kendall Sq. and proximate to Harvard and MIT.