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Boston & New England  |  August 29, 2019
David Cohen
By: David Cohen

Urban Spaces Secures $71M Construction Loan for Kendall Square MXU Project

Cambridge-based real estate development company Urban Spaces has secured a $71 million construction loan for Kendall East, a two-building, mixed-use project comprised of 120 market-rate and 16 affordable apartments, and 15,000 square feet of retail located in the First Street Corridor between Kendall Square and the Lechmere MBTA station.

Designed by architectural firm Perkins Eastman, Kendall East is being built by Woburn-based Tocci Building Corp. and makes up the largest component of Urban Spaces’ $275 million investment in the First Street Corridor. Mike Surprenant of Goedecke & Co. secured the financing on behalf of Urban Spaces through lender People’s United Bank.

“East Cambridge continues to solidify its position as the premier life science and technology market in the world, and Kendall East will help to ease the demand for market-rate apartments while providing supporting retail and green space,” said Paul Ognibene, CEO of Urban Spaces.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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