JLL secures $585 million financing for mixed-use development in Boston

 

Amy Lousararian

BOSTON, MA, Aug. 1, 2022 – JLL’s Capital Markets group announced today that it has arranged $585 million in construction financing for a mixed-use project consisting of 580,905 square feet of life sciences, retail and multi-housing space in Boston, Massachusetts.

 JLL worked on behalf of the borrower, a joint venture between King Street Properties, Brookfield and Mugar Enterprises, to secure the four-year, floating-rate loan through an institutional debt fund.

Greg LaBine

 The JLL Capital Markets team representing the borrower was led by Managing Director Greg LaBine and Director Amy Lousararian.

“We are pleased JLL was able to secure financing for this important site and we look forward to our new lending relationship,” said Mike Diminico, Managing Director, King Street.

Mike Diminico

“The fact that we were able to move quickly on this loan in today’s market conditions speaks to the level of interest and confidence in Allston LabWorks.

"We are extremely proud of this transformative project and look forward to breaking ground as soon as possible.”

 Once completed, Allston LabWorks will consist of 534,000 square feet of lab space; 20,000 square feet of retail space; 35 multi-housing units, 26% of which will be affordable; as well as a 12,000-square-foot public plaza with an additional 5,000-square-foot landscaped open space and 668 garage parking spaces.

 The project, which is located on 4.27 acres at 250, 280 and 305 Western Ave., is adjacent to Harvard University’s 350-acre Allston campus, which is home to the newly opened John A. Paulson School of Engineering and Applied Sciences. 

 CONTACT:

 Cierra Lacasse, JLL Associate, Public Relations

Phone: +1 602 648 8701

Email:  Cierra Lacasse@am.jll.com