CIM Group Provides $147.65 Million Loan for 319,000-Square-Foot Office Building in Medford, Massachusetts
MEDFORD, Mass.--CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer, announced today that 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-square-foot office in Medford, Massachusetts.
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 Road, the four-story building currently comprises 279,185 square feet of office space and 39,808 square feet 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 Route 16 and nearby Interstate 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 just minutes away from best-in-class retail amenities, including Assembly Row in Somerville and Station Landing.
CIM Group is an active lender that 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. CIM Group seeks to provide senior and subordinate transitional bridge loans for commercial real estate projects with strong sponsors.
CIM Group applies its broad experience as an 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 mortgage and mezzanine loans, affiliates of CIM provide bridge and construction financing to owners and developers of commercial real estate in major markets across the United States and works with borrowers to offer an array of lending solutions.
To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/crecs.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.