Square Mile Capital originates $192m loan for life sciences development

Colliers arranged the financing on behalf of the borrower, North River Leerink.

Square Mile Capital this week originated a $192.5 million construction loan for the development of a life science building in Massachusetts, underscoring the New York-based private equity manager’s real estate debt investment priorities.

“We seek more opportunities in the life sciences sector, and the Boston area market has been among the best locations for many years,” said David Greenburg, a principal at Square Mile. “We believe that will continue to be the case as we expect demand for new high-quality space will be strong for years to come.”

The approximately 200,000-square-feet property, 100 Chestnut Street, is located in Somerville’s Brickbottom District, and is the first life science building to break ground within North River Leerink’s new mixed-use campus for discovery and innovation. The four-story life sciences facility will include lab, creative office and retail space, and will be complete in the summer of 2023.

The financing was arranged by Colliers Capital Markets on behalf of the borrower, North River Leerink, a life-science and healthcare real estate-focused joint venture between North River Company and Leerink Development.

“This financing marks a major milestone for the transformation of Somerville’s Brickbottom District into a world-class hub for innovation and wellness,” said Jeff Black, executive vice president and head of US debt and equity investments at Colliers.

Black was among the Colliers Capital Markets team representing the borrower alongside co-chairman Kevin Phelan, and vice presidents Sean Burke and Bryan Koop.

“Metro Boston remains the most active and liquid life sciences market in the world and 100 Chestnut Street is well positioned to catalyze the region’s next great ecosystem,” Black added.