This Week's Boston Deal Sheet
BioMed Realty received a $514M construction loan for the first phase of its Assembly Innovation Park, a 12-story, 458K SF life sciences project in Somerville, Newmark announced Monday.
In total, BioMed plans to create a 1.5M SF life sciences campus consisting of two phases. Construction on the project started in January and Phase 1 is expected to be completed in the second quarter of 2024.
The financing is one of the first "green loans" in Greater Boston, the announcement said. The project is designed to achieve LEED Gold and WELL certifications, and it includes sustainable technologies such as high-efficiency chilled water and exhaust air systems.
"Life science has been a major driver of financing activity across Greater Boston in the past 18 months," Newmark Executive Managing Director David Douvadjian Sr. said. "Projects like Phase I at Assembly Innovation Park will enable the region to continue serving as one of the world's most desirable destinations for cutting-edge laboratory, research and biotechnology firms."
Douvadjian Sr. along with Newmark's Timothy O'Donnell, Brian Butler, David Douvadjian Jr. and Conor Reenstierna brokered the financing deal. The firm's announcement didn't disclose the lender that provided the financing.
This is one of at least three new projects moving forward in the Assembly Square area. Greystar Real Estate Partners broke ground on a 15-story, 465K SF life sciences building in June, and Federal Realty Investment Trust was approved to build a 383K SF lab and office building.
LEASING
Eleven new leases have been signed at One Marina Park Drive, a 500K SF office tower in the Seaport, JLL announced Thursday. The leases total more than 333K SF, and the tenants include Fish & Richardson, Akebia, Gunderson Dettmer, Northeast Bank, Compass Group, Noble Supply & Logistics and Analog Photonics.
The One Marina Park Drive building, developed in 2010, is owned by a co-mingled fund managed by Clarion Partners. JLL’s Bryan Sparkes, Patrick Nugent and Ben Heller represented the landlord in the deals.
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Seven leases totaling over 30K SF were signed at 211 Congress St., an 11-story 80K SF office building in the Financial District, Newmark announced last week. The leases include Red Bull, Comniscient Technologies LLC, RMF Engineering, NBW Capital, Invenomics, an affiliate of Westbrook Partners, and Better Bagels. Starbucks and FedEx Office are also tenants in the building. An affiliate of New York-based Drucker Associates owns the building.
The building sits near Post Office Square and offers tenant amenities like a lounge, conference center, gym and bicycle storage. Newmark’s Jason Cameron, Jim Brady and Liam O’Connor represented Drucker's leasing advisers for the property.
FINANCING
A joint venture between King Street Properties, Brookfield Asset Management and Mugar Enterprises has received a $585M construction loan for its Allston LabWorks development, JLL announced Monday. The announcement didn't name the lender, but said it was an "institutional debt fund," and the deal was structured as a four-year, floating rate loan.
The mixed-use project will include 534K SF of lab space, 20K SF of retail space and 35 housing units, 26% of which will be affordable. The development spans over 4.27 acres at 250, 280 and 305 Western Ave. and sits next to Harvard University’s Allston campus. JLL’s Greg LaBine and Amy Lousararian represented the joint venture in the deal.
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TD Bank provided a $22M construction loan for the development of Pryde, a mixed-income, LGBTQIA+-friendly senior living community in Hyde Park, the bank announced last week. The project, a redevelopment of the former William Barton Rogers Middle School, will include 74 rental units.
The project is a partnership between Pennrose and LGBTQ Senior Housing Inc. In addition to the construction loan, the project is being financed with Low Income Housing Tax Credits, plus federal and state historic tax credits.
EXECS
Beverly Somerville was elected as the new chair of the board of directors for NeighborWorks Housing Solutions, a housing service provider based in Quincy. Somerville is the vice president and Community Reinvestment Act officer for Dedham Savings. She has been a member of the board, which is made up of members who live and work within southern Massachusetts communities, since 2013.
THIS AND THAT
WS Development plans to redevelop the site of the vacated Chestnut Hill movie theater. The development will be a part of The Street Chestnut Hill shopping complex and will consist of 90K SF of retail, office and community space that will span three levels.
The Chestnut Hill movie theater closed in 2013, paving the way for the Showcase Cinema SuperLux to open the same year in another part of the complex. There are over 40 retailers in the complex and the redevelopment will add space for another 20. The project is expected to be completed in 2023.
