CIM Group grants $ 147.65 million loan for 319,000 square foot office building in Medford, Massachusetts
MEDFORD, Mass .– (COMMERCIAL THREAD) – CIM Group, a community-driven owner, operator, lender and developer of infrastructure and real estate, today announced that a fund managed by CIM has entered into a $ 147.65 million loan to The Davis Companies (Davis) and Partners Group for One Cabot, a 318,993 square foot office in Medford, Massachusetts.
One Cabot is located in the growing Charleston-Somerville-Medford Life Sciences Corridor. The loan proceeds will be used to finance the recapitalization and partial conversion of the building from all-purpose office to a first-class office / R&D / life science facility.
Located at 1 Cabot Road, the four-story building currently includes 279,185 square feet of office space and 39,808 square feet of data center space. Since its acquisition in 2014, Davis has embarked on a comprehensive capital improvement program for One Cabot’s common areas and amenities, which includes a full-service cafe, newly remodeled fitness studio, outdoor patio and children’s play area. of games, collaboration spaces and bicycle storage.
The property sits directly off of Route 16 and nearby Interstate 93 and enjoys direct transit access to the MBTA Orange Line subway, providing easy connectivity to downtown Boston, Cambridge, surrounding suburbs and Boston Logan International Airport. Additionally, One Cabot benefits from being minutes from premier retail amenities including Assembly Row in Somerville and Station Landing.
CIM Group is an active lender which, through its CIM Real Estate Debt Solutions business, recently closed a $ 148 million loan for a 460,000 square foot office campus in Tysons Corner, Virginia. The CIM Group seeks to provide senior and subordinate bridging loans for commercial real estate projects with strong sponsors.
CIM Group applies its extensive experience as owner, operator and developer of all types of commercial real estate to its lending strategy, and believes this helps differentiate the company from many other debt providers. Through mortgages and mezzanine loans, CIM affiliates provide bridge and construction finance to commercial real estate owners and developers in major US markets and work with borrowers to offer a range of solutions. loan.
To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/crecs.
About the CIM Group
CIM is a community-driven owner, operator, lender and developer of infrastructure and real estate. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by completing more than $ 60 billion in critical real estate and infrastructure projects. CIM’s diverse team of experts apply their vast knowledge and disciplined approach to the hands-on management of real assets, from due diligence to transactions to divestiture. CIM strives to make a meaningful difference in the world by implementing key environmental, social and governance (ESG) initiatives and improving every community in which it invests. For more information, visit www.cimgroup.com.