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| 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.
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| Greg LaBine |
“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.
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| Mike Diminico |
"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
