JV Secures $585M for Boston Mixed-Use Project
King Street Properties, Brookfield and Mugar Enterprises have obtained the construction financing for a 580,905-SF life science, retail and multifamily development.
BOSTON, MA – A joint-venture partnership between King Street Properties, Brookfield and Mugar Enterprises has secured $585 million in construction financing for a mixed-use development in Boston, MA.
The 580,905-square-foot project, titled Allston LabWorks, will comprise 534,000 square feet of life science lab space, 20,000 square feet of retail space, 35 multifamily units, and a 12,000-square-foot public plaza that will feature 5,000 square feet of landscaped open space and a 668-space parking garage. A portion of the multi-housing units will be affordable.
The four-year, floating-rate loan was arranged by JLL’s capital markets group through an institutional debt fund. The JLL team that represented the borrower was led by managing director Greg LaBine and director Amy Lousararian.
“We are pleased JLL was able to secure financing for this important site and we look forward to our new lending relationship,” states Mike Diminico, managing director at King Street Properties. “The fact that we were able to move quickly on this loan in today’s market conditions speaks to the level of interest and confidence in Allston LabWorks. We are extremely proud of this transformative project and look forward to breaking ground as soon as possible.”
Situated on 4.3 acres of land, the development is located at 250, 280 and 305 Western Ave. in Boston’s Allston neighborhood. The property is located adjacent to Harvard University’s 350-acre Allston campus, which includes the newly opened John A. Paulson School of Engineering and Applied Sciences.
The greater Boston lab market is home to 19 of the 20 largest biotech and pharmaceutical companies, and it receives 30% of the total US life sciences funding.
“This is just the first of many deals that will combine the institutional capital base of Brookfield with the exceptional development capabilities and successful track record of the King Street team,” says JLL’s LaBine. “The lender recognized these attributes early in the process and then delivered on the closing as stated in the midst of a volatile economic climate. This project will be good for the neighborhood, the tenants and the capital markets participants and the JLL team was excited to play a role.”