Capital One Bank announced that it has provided a $96.3 million, seven-year term loan to Jamestown Premier 245 First, LLC.
The loan will be used to finance the acquisition of Riverview, a commercial real estate property in Cambridge, Massachusetts.
Jamestown is a real estate investment and management company headquartered in Atlanta, Georgia, which owns several properties in NYC, including the chelsea Market.
The Riverview property consists of two buildings located at 245 First Street in Kendall Square with a total of nearly 300,000 s/f: an 18-story office tower that sits atop a 344-space parking garage; and Cambridge Science Center, a six-story, state-of-the-art life science facility that was converted in 2004.
“Jamestown has become a close and valued client of ours, and we are pleased to help them acquire this premier property,” said Ben Stacks, Greater New York Market Manager, Capital One Bank Commercial Real Estate.
“Capital One Bank continues to present us with strong financing solutions that are tailored to our needs,” said Shak Presswala, head of Capital Markets at Jamestown. “Their dedicated commercial real estate team provides exemplary service that will help us achieve our long-term goals.”