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Although venture capital funding into the sector has dropped, the firm sees investment opportunities.
Northwestern Mutual funded the loan.
The sector is being hit by rising interest rates and other trends also affecting the broader commercial real estate debt markets.
JLL arranged financing for Longfellow following borrower’s recent Bank OZK, Square Mile deal.
The financing is one of the final deals of 2022 for Square Mile, a New York-based investment manager.
The JLL-arranged loan tracks with regional demand in fast-growing science hub.
The New York-based manager believes lenders will be receptive to financing new deals and rehabs in the fast-growing sector.
Boston, San Francisco and San Diego are target areas for future conversion playbook alongside select STEM-friendly markets.
Respondents see a remarkable revival for the asset class, despite economic and geopolitical headwinds.