By Catherine Carlock – Real Estate Editor
September 16, 2021
The long-planned revitalization of the former Edward J. Sullivan Courthouse in East Cambridge is moving forward now that the team behind its redevelopment has secured construction financing.
Boston’s Leggat McCall Properties and Plano, Texas-based Granite Properties on Wednesday confirmed the project had closed on construction financing from Bank OZK to transform the 20-story property into office and residential space. CBRE Global Investors is also an equity partner in the project, located at 40 Thorndike St. near the MBTA Green Line’s Lechmere station.
The 475,000-square-foot, 20-story project will transform the current Brutalist-style building façade into one of terra cotta and glass, creating 48 affordable apartment units on the building’s second and third levels and redeveloping office space on the remaining floors.