MetLife Investment Management And Norges Bank Investment Management Acquire Office Building In Cambridge, MA For $414M
FINANCED
$414,000,000
Massachusetts
See Similar DealsOffice74,052 SF
Financed 09/27/2021
FINANCED
MetLife Investment Management And Norges Bank Investment Management Acquire Office Building In Cambridge, MA For $414M
1 Memorial Dr, Cambridge, Massachusetts, USA
See Similar DealsOffice74,052 SF
Financed 09/27/2021
Summary
MASSACHUSETTS
Asset Type:Office
Price Per Square Foot:$5,590
Total Square Footage:74,052 SF
Transaction Type:Loan
An office building located at 1 Memorial Dr in Cambridge, MA has been involved in a recent transaction. The property was acquired by an undisclosed buyer for an amount of $414,000,000. The transaction involved a loan from JPMorgan Chase Bank to facilitate the acquisition.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $414,000,000
- Address: 1 Memorial Dr, Cambridge, MA
- Market: Cambridge, MA
The lender for the loan was JPMorgan Chase Bank, with Jamie Dimon serving as the representative. The borrower consisted of MetLife Investment Management, represented by Steven J. Goulart, and Norges Bank Investment Management, represented by Nicolai Tangen.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$414,000,000.00
Monthly NOI$2,760,000.00
Monthly Debt Service$2,616,761.62
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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