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Finance
Posted: February 11, 2022
CIM Group provides $147.65 million loan for 319,000 s/f office building - on behalf of The Davis Companies and Partners Group for One Cabot
Medford, MA According to CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, a CIM-managed fund has closed a $147.65 million loan to The Davis Companies (Davis) and Partners Group for One Cabot, a 318,993 s/f office building.
One Cabot is situated in the growing life science corridor of Charleston-Somerville-Medford. Loan proceeds will be used to finance the recapitalization and partial conversion of the building from all office use to a first-class office/R&D/life science facility.
Located at 1 Cabot Rd., the four-story building currently comprises 279,185 s/f of office space and 39,808 s/f of data center space. Since its acquisition in 2014, Davis has undertaken a comprehensive capital improvement program of One Cabot’s common areas and amenities, which include a full-service café, newly renovated fitness studio, outdoor patio and game area, collaboration spaces, and bike storage.
The property sits directly off Rte. 16 and nearby I-93 and benefits from direct public transportation access to the MBTA Orange Line subway, offering easy connectivity to downtown Boston, Cambridge, the surrounding suburbs, and Boston Logan International Airport. Additionally, One Cabot benefits from being minutes away from best-in-class retail amenities, including Assembly Row in Somerville and Station Landing.
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