CIM Group announced today that its CIM Real Estate Debt Solutions business, on behalf of a CIM-managed fund, has closed a $93.1 million whole loan to DivcoWest for the acquisition of 399 Boylston, an approximately 245,000 square-foot, 13-story, Class-A office and retail building prominently located in Boston’s Back Bay market.
399 Boylston features an architecturally distinctive design with a highly desirable location, appealing to both office and retail businesses, on the first block of Boylston Street just steps from Boston Public Garden and Newbury Street. The property is a mix of traditional and modern building elements with a red brick façade on the lower floors and reflective glass with bay windows on the upper levels providing office tenants with sweeping area views. With approximately 200 feet of street frontage, 399 Boylston’s retail space is leased to a variety of businesses serving the neighborhood.
399 Boylston was extensively renovated over the past decade with approximately $35 million invested in building upgrades including the lobby and entryway and tenant improvements, enhancing the office building’s competitive position within the market. Tenants enjoy access to Tatte Bakery & Cafe located in the lobby, a free on-site fitness facility with yoga classes, showers and locker rooms, a hair salon and bike storage. The property also provides tenants with easy transit access as it is just steps from the MBTA Green Line’s Arlington Station and convenient to Interstates 90 and 93.
Boston’s Back Bay is known for its collection of office, retail and hospitality businesses generally concentrated along Boylston and Newbury Streets and is one of the most desirable residential areas, recognized for its elegant architecture and popular, high-end commercial streets. In addition to its location in a vibrant and beautiful, walkable neighborhood, 399 Boylston tenants are surrounded by an abundance of shopping and dining options along with iconic Boston landmarks including the Charles River Esplanade, the Boston Public Library, Copley Place and the Prudential Center.
Through its CIM Real Estate Debt Solutions business, CIM Group applies its broad experience as an owner, operator, and developer of high quality 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 and managed funds, CIM Group provides 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/borrow.
About CIM Group
CIM Group 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. For more information, visit www.cimgroup.com.
