**CIM Group Provides $93.1M Loan for Acquisition of 399 Boylston in Boston**
CIM Group has announced that its CIM Real Estate Debt Solutions unit, on behalf of a CIM-managed fund, has closed a $93.1 million whole loan to DivcoWest. The loan supports DivcoWest’s recent acquisition of 399 Boylston Street, a 13-story, approximately 245,000-square-foot Class A office and retail property located in Boston’s prestigious Back Bay neighborhood. DivcoWest purchased the building from BRE Boylston Owner LLC, a Blackstone affiliate, for approximately $125 million earlier this month.
Situated on the first block of Boylston Street near the Boston Public Garden and Newbury Street, 399 Boylston blends traditional and modern architectural elements. The lower levels feature a red brick facade, while the upper levels are composed of reflective glass with bay windows. The building offers roughly 200 feet of prime street frontage, with retail tenants representing a diverse array of businesses.
Over the past decade, the property has undergone significant renovations, including approximately $35 million in upgrades to the lobby, entryway, and tenant spaces. The asset also provides tenants with convenient access to public transit and major highways, enhancing its appeal as a modern and accessible workspace.
This strategic financing marks a notable investment in Boston’s competitive office market and reinforces 399 Boylston’s position as a premier commercial destination in Back Bay.
