$341M Refinancing Loan Secured For Cambridge Crossing Lab
A large loan on a mostly empty life sciences building in Cambridge has received significant refinancing.
DivcoWest landed a $341.3M refinancing loan for its 441 Morgan Ave. lab development in its Cambridge Crossing mixed-use campus, Commercial Property Executive first reported.
KKR provided the loan.
The 372K SF facility has roughly 309K SF ready to lease, according to the property's website. Astellas Pharma Inc. occupies roughly 62K SF across two floors of the property. It is also home to a 285-car, below-grade parking garage.
DivcoWest and KKR didn't respond to Bisnow's requests for comment.
DivcoWest broke ground on the project in 2021, securing a $401M construction loan from KKR, according to public records. The project was completed in 2024.
Amid the pandemic, DivcoWest, like other developers in the area, bet big on the life sciences market. In 2022, the developer swapped plans for its 151 Morgan Ave. property, pivoting from an office project to life sciences.
The 43-acre mixed-use hub is home to other life sciences buildings, including 121 Morgan Ave. and 222 Jacobs St. The properties house several Big Pharma tenants, including Bristol Myers Squibb, AbbVie and Sanofi.
The campus has a total of 2.1M SF of office and life sciences space, 2.4M SF of residential space and 11 acres of public space. The project is adjacent to the Green Line's Lechmere stop.
DivcoWest ran into a funding roadblock for two multifamily projects planned for the campus last year. It paused the projects citing cautious lending practices and macroeconomic uncertainties tied to tariffs, CoStar reported.
