**CIM Group Provides $93.1M Loan for 399 Boylston Acquisition in Boston**
CIM Group announced that its CIM Real Estate Debt Solutions division, acting on behalf of a CIM-managed fund, has closed a $93.1 million whole loan to DivcoWest for the acquisition of 399 Boylston Street. The 13-story, approximately 245,000-square-foot Class A office and retail building is located in Boston’s prestigious Back Bay neighborhood. DivcoWest acquired the property earlier this month for approximately $125 million from BRE Boylston Owner LLC, an affiliate of Blackstone.
Positioned on the first block of Boylston Street near Boston Public Garden and Newbury Street, 399 Boylston features a blend of traditional and modern architectural styles, with a red brick façade on the lower levels and reflective glass with bay windows above. The property has around 200 feet of street frontage and its ground-floor retail space is currently leased to a variety of businesses.
Over the past decade, the building has undergone extensive renovations, with approximately $35 million invested in upgrades. Enhancements include a renovated lobby and entryway, as well as tenant-focused improvements. In addition, 399 Boylston offers excellent access to public transportation and major highways, making it a highly accessible location for tenants.
