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PGIM’s real estate business has originated a $58.5 million floating-rate loan to refinance One Brattle Square, a mixed-use office and retail asset in Cambridge, MA. The financing was made to an affiliate of Beacon Capital Partners and is structured as a core loan.
One Brattle Square is a six-story building totaling 94,800 square feet in Cambridge’s Harvard Square. The property combines office and ground-floor retail space in a location described as a four-minute walk from the Harvard MBTA station, providing direct access to transit for tenants and visitors.
The building includes approximately 82,000 square feet of office space above about 15,000 square feet of ground-floor retail. According to the parties, the property is currently 99% leased, underscoring strong tenant demand at the asset.
PGIM executive director Michelle Liu framed the transaction as consistent with the firm’s approach to selective lending in urban environments with limited available supply. She noted that the financing aligns with PGIM’s “continued focus on high-quality, well-located assets in supply-constrained urban markets” and highlighted the property’s positioning in Harvard Square, which she characterized as one of the nation’s more dynamic academic and commercial locations.
Liu also pointed to the building’s connectivity and surrounding neighborhood as key attributes, citing its proximity to the Harvard MBTA station and what she described as a highly amenitized environment. She stated that PGIM is pleased to support an affiliate of Beacon Capital Partners through this refinancing of One Brattle Square.
The post PGIM Provides $58.5M Loan to Refinance Beacon Capital’s One Brattle Square in Cambridge appeared first on CRE Market Beat.
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