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| Martha Nay |
BOSTON, MA – JLL Capital Markets has arranged $35.34 million in financing for the acquisition and repositioning of a 233,726-square-foot, two-building R&D/office portfolio into a life sciences campus in the suburban Boston community of Andover, Massachusetts.
300
and 600 Federal Street is in Andover, a rapidly growing suburban life science
market anchored by well-known pharmaceutical and medical research companies.
JLL worked
on behalf of the borrower, a partnership between True North Management Group
and Celera Properties, to place the floating-rate loan with OceanFirst Bank.
Proceeds are being used to fund the acquisition and repositioning of the
properties.
The
JLL Capital Markets team representing the borrower was led by Managing Director
Greg LaBine and Senior Director Martha Nay.
“Even
as a newer entrant to the market, OceanFirst Bank quickly realized that Andover
is a dual laboratory and manufacturing life science location,” Nay said.Greg LaBine
“As such, OceanFirst was highly motivated to
work with team of Celera and True North on a strategic and highly executable
business plan.”
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CONTACT:
Kimberly Steele
PR, Capital Markets,
Agency Leasing and Valuation Advisory
JLL
M
+1 832 244 9994
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