DivcoWest Secures $341.3M Refinance From KKR For Life Sciences Asset In Cambridge, MA

The asset involved in this transaction is a 372,366-square-foot life sciences building located at 441 Morgan Avenue in Cambridge, MA. The property, part of Cambridge Crossing, has been refinanced for an amount of $341,300,000. This refinancing replaces a previous construction loan of $401,000,000 issued in 2021 for this LEED Platinum building, which is partly leased to Astellas Pharma Inc.

Summary of transaction details:

• Property Type: Life Sciences
• Transaction Amount: $341,300,000
• Lender: Joseph Bae & Scott Nuttall - KKR
• Landlord: Stuart Shiff - DivcoWest
• Previous Loan Amount: $401,000,000
• Asset Delivery Year: 2024

This refinancing deal features key individuals such as Joseph Bae and Scott Nuttall from KKR, who served as the lenders. The landlord of the property, Stuart Shiff, represents DivcoWest in this transaction. The deal specifically aims to replace the initial construction financing that was established for the future use of the building.