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Sign in Sign up for a FREE subscriptionJV secures $300m construction loan for spec office in Cambridge, Mass.
A joint venture between Leggat McCall Properties and Granite Properties has secured a $300 million fixed-rate construction loan for the redevelopment of 40 Thorndike, a 475,000-square-foot mixed-use project with office, residential and retail uses in East Cambridge, Mass.
The redevelopment of 40 Thorndike will focus on quality and sustainability, with the project seeking LEED Gold Certification as well as an improvement in energy consumption standards of 20 percent above American National Standards Institute recommendations, a green roof, rainwater harvesting features and a high-performance building envelope. Upon completion, the 20-story project will offer 421,000 square feet of class A office space, 11,000 square feet of street-level retail and 48 affordable apartment units. Amenities will include a fitness space, restaurant space, childcare, a shared conference/community center, and a bike room with adjoining shower and locker facility. The development team continues to me
