"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," said Douvadjian, Sr. in a press release.

Assembly Innovation Park is a 12-story asset, with a parking garage featuring technology like a curtain wail, high-efficiency chilled water and exhaust air systems, and a rooftop photovoltaic array.

The financing for Phase 1 is part of Greater Boston's first green loans which are designed to achieve LEED Gold and WELL Certifications. The loan is among over $4 billion in active life science transactions since 2020 by Newmark's Boston Debt & Structured Finance Group. The track records began with the group's arrangement of $404 million in financing on behalf of BioMed Realty for 601 Congress, a 482,000-square-foot office-to-laboratory conversion in the Seaport District.

"Our life science activity spans construction and conversion projects across multiple submarkets in Greater Boston," said O'Donnell. "We work closely with Newmark's Boston Capital Markets group, which has overseen the sale of properties including Assembly Innovation Park and 601 Congress, to provide our clients with a truly synergistic menu of services."

According to Real Estate Alert's regional rankings comparison, Newmark's Boston Capital Markets group had more than $5.4 billion in sales of office and life science properties in 2021. The group is led by Newmark's co-head of U.S. Capital Markets Robert Griffin, executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble, and managing director Samantha Hallowell.

Harrison Zucco, Newmark financial analyst, provides financial analysis support for transactions arranged by the firm's Boston Debt & Structured Finance group.

The project broke ground in January 2022 and is expected to deliver in the second quarter of 2024.