CIM Group said Thursday that its CIM Real Estate Debt Solutions business, on behalf of a CIM-managed fund, has closed a $93.1-million whole loan to DivcoWest for the acquisition of 399 Boylston, an approximately 245,000 square-foot, 13-story, Class A office and retail building located in Boston’s Back Bay market. DivcoWest paid approximately $125 million to acquire the property from BRE Boylston Owner LLC, a Blackstone affiliate, earlier this month.
Located on the first block of Boylston Street near Boston Public Garden and Newbury Street, the property is a mix of traditional and modern building elements with a red brick façade on the lower floors and reflective glass with bay windows on the upper levels. With approximately 200 feet of street frontage, 399 Boylston’s retail space is leased to a variety of businesses.
399 Boylston was extensively renovated over the past decade with approximately $35 million invested in building upgrades, including the lobby and entryway and tenant improvements. The property also provides tenants with convenient access to transit and highways.
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