Sunday, August 25, 2019

JLL arranges $140 million financing for life science development in Somerville, MA's Boynton Yards


Rendering of planned 101 South Street development
in Boynton Yards area of Somerville, MA

BOSTON, MA  – JLL announced it has arranged $140 million in financing for 101 South Street, a 289,000-square-foot, Class A office and lab development in the Boynton Yards area of Somerville, Massachusetts.  

The project is under construction and will represent the largest state-of-the-art lab development in Somerville’s growing life science market.

Jennifer Keller
JLL worked on behalf of the borrower, a joint venture between DLJ Real Estate Capital Partners and Leggat McCall Properties, to secure first mortgage construction financing through Bank OZK. 

 Located one mile from Kendall Square/MIT, the epicenter of the biotech/life science industry, 101 South Street will consist of nine stories of life science space and approximately 13,500 square feet of ground floor retail. 

Brett Paulsrud
The building is scheduled to deliver simultaneously with the planned 2021 opening of the new MBTA Green Line station at Union Square, which is less than a five-minute walk from the project and provides direct access to downtown Boston. 

101 South Street is the first phase of the borrower’s planned mixed-use development for the Union Square/Boynton Yards area of Somerville. 


Contact:

 Kristen Murphy, 
JLL Director, Public Relations
Phone: +617 848 1572



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