JLL Capital Markets arranges $35.34 million in funding for suburban Boston life science conversion

 

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.

Greg LaBine

 “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.

 “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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