CIM Group has closed a $93.1 million whole loan through its CIM Real Estate Debt Solutions platform to support DivcoWest’s acquisition of 399 Boylston, a 245,000 square foot Class A office and retail property located in the heart of Boston’s Back Bay. The financing was completed on behalf of a CIM-managed fund.
The 13-story tower occupies a prominent position on the first block of Boylston Street, steps from the Boston Public Garden and Newbury Street. The property blends a traditional red brick façade on the lower levels with reflective glass and bay windows above, offering office tenants expansive views of the surrounding neighborhood. It’s 200 feet of street frontage provides visibility for its mix of retail tenants that serve the densely populated district.
Over the past decade, ownership invested approximately $35 million in capital improvements that strengthened the property’s competitive position. Enhancements included lobby and entry upgrades along with tenant improvements. Current tenants enjoy a range of amenities, including Tatte Bakery & Cafe in the lobby, a complimentary on-site fitness center with yoga classes, locker rooms and showers, a hair salon, and dedicated bike storage. The tower also provides strong transit convenience with immediate proximity to the MBTA Green Line’s Arlington Station and easy access to Interstates 90 and 93.
Back Bay remains one of Boston’s most desirable commercial and residential neighborhoods, known for its historic architecture, walkability, and mix of high-end retail, office, and hospitality destinations along Boylston and Newbury Streets. Tenants at 399 Boylston are within walking distance of major attractions, including the Charles River Esplanade, Copley Place, the Boston Public Library, and the Prudential Center.
CIM Group continues to focus on offering bridge and construction financing through its mortgage and mezzanine lending platforms. The firm believes its experience as an owner, operator and developer of commercial real estate allows it to provide customized financing solutions to borrowers in major U.S. markets.
