Boston & New England CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
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.
- ◦Development
- ◦Financing
