CAMBRIDGE, MASS. — A joint venture between Rockwood Capital and The Beal Companies has refinanced the One Kendall Square life sciences campus in Cambridge. The $175 million mortgage contains a floating interest rate and was provided by KBS Real Estate Investment Trust II.
One Kendall Square is located on 9 acres just north of the campus of the Massachusetts Institute of Technology. It comprises nine buildings containing 661,141 square feet of space. Also included in the campus are two storage facilities, a 1,530-space parking garage and a nine-screen movie theater.
Cushman & Wakefield Sonnenblick Goldman helped arranged the loan on behalf of the owners. The team included Steve Kohn, Richard Swartz, Alex Hernandez, Jay Wagner and Michael Henry.
“The strong lender response we received reinforces the notion that in today's economic environment there exists a deep well of liquidity for core properties such as One Kendall,” said Kohn in a statement.
Swartz added, “The financing further highlights an evolving trend that we are seeing since the start of the financial crisis. Namely, the rise to prominence of a new breed of lenders, debt funds and mortgage REITs that have stepped into the capital markets, providing much needed liquidity in the absence of aggressive lending from more traditional sources.”
— Coleman Wood