JLL Capital Markets has arranged a $230 million construction loan for the building of a speculative life sciences development in Somerville, Massachusetts.
With a projected completion in late 2024, 15 McGrath Highway will be a 262,00-square-foot facility that will offer additional retail and office space.
It will be situated between Kendall Square, one of the nation’s tightest life sciences markets, and Cambridge Crossing, a multi-building life sciences campus – and not far from MIT and Harvard University.
The JLL Capital Markets team representing the borrower was led by senior managing director Brett Paulsrud, senior director Henry Schaffer and associate Mike Shepard.
“Greater Boston continues to be ranked among the top life sciences markets in the world,” Paulsrud said. “As a result, liquidity for projects with best-in-class sponsorship and location, such as 15 McGrath, remains intact and active.”
JLL worked on behalf of DLJ Real Estate Capital Partners, Leggat McCall Properties and Deutsche Finance America to secure the non-recourse construction loan with Oxford Properties Group.