JPMorgan joint venture secures $150m loan for Massachusetts life sciences refinancing  

Northwestern Mutual funded the loan. 

JPMorgan’s Global Alternatives business and Boston-based developer Boylston Properties have secured a $150 million loan for a Class A life sciences project in Massachusetts. 

Northwestern Mutual, a Milwaukee, Wisconsin-based financial services and life insurance company, provided the financing, which will be used to pay off a 2021-originated construction loan from Arkansas-based Bank OZK. 

The transaction was brokered by JLL Capital Markets.  

Asset attributes  

The life sciences campus is in Arsenal Yards district in Watertown, Massachusetts, part of Greater Boston. It includes 10 life science businesses across three buildings: 100 Forge, 500 Forge, and 200 Arsenal Yards Blvd. Tenants include Abata Therapeutics, Remix Therapeutics, Mariana Oncology, Vigil Neuroscience and Affini-T Therapeutics.  

Boylston Properties – a manager and developer of mixed-use projects including retail, residential, hotel, corporate and life sciences lab buildings – and institutional investors advised by JP Morgan Global Alternatives will own the complex. 

Despite recent capital markets headwinds, the life sciences sector has continued to see significant financings unfold.    

Most recently, Bank OZK in May provided a $265 million construction loan to Chicago-based sponsors Harrison Street and Sterling Bay for a California life sciences project. The deal is Bank OZK’s third $100-million-plus life sciences construction financing over a seven-month period, following a $373 million December transaction and another $202.6 million financing in January.  

Discussing the latest Massachusetts financing, Bill McQuillan, founding principal of Boylston Properties, said: “Despite the significant headwinds experienced this year, Greater Boston is poised to remain the leading destination for [this sector],” adding that he is confident in the market, the region and its tenants.