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Boston & New England  + Metro Boston  + Finance  | 
40 Thorndike Building in East Cambridge, MA

JLL Arranges $300M Construction Loan for Spec Office in Cambridge

JLL’s Capital Markets group has secured debt and equity financing for the redevelopment of 40 Thorndike, a 475,000-square-foot mixed-use project with office, residential and retail uses in East Cambridge, MA.

JLL worked on behalf of the borrower, a joint venture between Leggat McCall Properties and Granite Properties, to secure the $300 million construction loan through Bank OZK. JLL also secured joint venture equity for the project through CBRE Global Investors.

Upon completion, the 20-story project will offer 421,000 square feet of Class A office space, 11,000 square feet of street-level retail and 48 affordable apartment units.

East Cambridge is a high-growth market with office rents increasing more than 130 percent since 2010, higher than any other global market. During this same timeframe, the region has maintained a near-zero percent vacancy rate.

JLL’s team representing the borrower was led by Riaz Cassum, Trey Morsbach, Brett Paulsrud and Jim Curtin.

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Inside The Story

JLL’s Riaz Cassum

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Development
  • ◦Financing