PGIM’s real estate business has provided a $58.5-million floating-rate loan to refinance One Brattle Square, a mixed-use office and retail property in Cambridge, MA. The core loan was provided to an affiliate of Beacon Capital Partners.
The property is a 94,800-square-foot, six-story mixed-use office and retail building located in Cambridge’s Harvard Square, a four-minute walk from the Harvard MBTA station. It features approximately 82,000 square feet of office space and 15,000 square feet of ground-floor retail and is currently 99% leased.
“This financing reflects our continued focus on high-quality, well-located assets in supply-constrained urban markets,” said Michelle Liu, executive director at PGIM. “One Brattle Square sits at the center of Harvard Square – one of the most dynamic academic and commercial hubs in the country – and benefits from strong transit connectivity and a highly amenitized environment. We are pleased to support an affiliate of Beacon Capital Partners with this refinancing.”
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