One Davis Sq

Why even have a 4am closing time? Non prude cities have bars that close "when the last costumer leaves". On weekdays, that tends to be 2am. On weekends, maybe 5am. Either way, it means people leaving in small groups, not a load of people at 2am trying to hail a cab or drive home.
 
One Davis Square gets $10M loan
Boston Business Journal - Boston Business Journal

Krisco Development has secured a $10 million, 25-year loan from Genworth Life Insurance Co. for a 48,799 square-foot retail and office property.

The loan was secured through Boston-based Goedecke & Co. LLC on behalf of the owner. The deal features a 24-month forward commitment also funded by Genworth.

The property, called One Davis Square in Somerville, Mass., features a CVS on the first level, a Boston Sports Club on the second level and 12,000 square feet of office space. The property is located in Davis Square and is across the street from the Davis Square subway stop.

"The One Davis Square deal was a unique transaction, not only did the borrower need a 25-year term, but also a 24-month forward commitment," said Shawn Herlihy of Goedecke, in a statement. "Genworth was able structure the perfect deal for the borrower."

Goedecke & Co. LLC is a privately-owned commercial mortgage banking company founded in 1998 with offices in Boston, Massachusetts, Providence, R.I., and Westport, Conn. In the past 24 months has successfully arranged in excess of $1.3 billion in financing for some of the region's most active developers and investors.
Click to expand...

http://www.bizjournals.com/boston/stories/2008/03/03/daily36.html?jst=b_ln_hl

This is the building, correct?

 
This building is finished and open. Why would it need a loan now?
 
hmm maybe its a bug on the BBJ site. It was dated today, and was on the front page.
 
I don't think it was a bug...the article discusses the building as it exists now in the present tense. The loan could have been made in order to purchase the building...maybe the BBJ is leaving this assumed? It could also be to finance the previous construction debt. Who knows.
 
I don't believe they even have a tenant for the third floor. I passed by it a week or so ago and there was a for lease sign in the window. When I passed by again a few days ago, it was gone. Anyone have an idea who'll be moving in?
 
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I heard there was a provisional agreement for the Boston Sports Club to expand into the third floor if their is enough demand for it. Given how busy it usually is, this wouldn't surprise me at all.
 
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