Newmark Arranges $514 Million in Construction Financing for Phase I of Assembly Innovation Park in Somerville, Massachusetts

The financing is one among Larger Boston’s first “inexperienced loans” and amongst $4+ billion in current and energetic life science transactions by Newmark’s Boston Debt & Structured Finance group

BOSTON, Aug. 1, 2022 /PRNewswire/ — Newmark proclaims the association of $514 million in development financing for Part I of Meeting Innovation Park, a 485,000-square-foot life science tower that’s underneath improvement by BioMed Realty in Somerville, Massachusetts. Newmark Government Managing Administrators David Douvadjian, Sr. and Timothy O’Donnell, Senior Managing Director Brian Butler, Managing Director David Douvadjian, Jr. and Affiliate Conor Reenstierna of the agency’s Boston Debt & Structured Finance group represented the borrower.

The financing for Part I of Meeting Innovation Park is one among Larger Boston’s first “inexperienced loans.” Designed to realize LEED Gold and WELL certifications, the 12-story asset and its related parking storage will incorporate sustainable applied sciences together with a high-performance curtain wall, high-efficiency chilled water and exhaust air methods and a rooftop photovoltaic array. The undertaking broke floor in January 2022 and is anticipated to ship within the second quarter of 2024.

“Life science has been a serious driver of financing exercise throughout Larger Boston previously 18 months,” mentioned Douvadjian, Sr. “Initiatives like Part I at Meeting Innovation Park will allow the area to proceed serving as one of many world’s most fascinating locations for cutting-edge laboratory, analysis and biotechnology companies.”

The financing for Part I of Meeting Innovation Park is amongst $4+ billion in current and energetic life science transactions by Newmark’s Boston Debt & Structured Finance group. This monitor document started in December 2020 with the group’s association of $404 million in financing for 601 Congress, a 482,000-square-foot office-to-laboratory conversion in Boston’s Seaport District, additionally on behalf of BioMed Realty.

“Our life science exercise spans development and conversion initiatives throughout a number of submarkets in Larger Boston,” mentioned O’Donnell. “We work carefully with Newmark’s Boston Capital Markets group, which has overseen the sale of properties together with Meeting Innovation Park and 601 Congress, to offer our purchasers with a really synergistic menu of providers.”

Led by Newmark Co-Head of U.S. Capital Markets Robert Griffin, Government Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Government Managing Director James Tribble and Managing Director Samantha Hallowell, the agency’s Boston Capital Markets group was essentially the most energetic dealer of workplace and life science properties in the US in 2021 with greater than $5.4 billion in gross sales, in line with Actual Property Alert’s regional rankings comparability.   

Newmark Monetary Analyst Harrison Zucco gives monetary evaluation help for transactions organized by the agency’s Boston Debt & Structured Finance group.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK), along with its subsidiaries (“Newmark”), is a world chief in industrial actual property, seamlessly powering each part of the property life cycle. Newmark’s complete suite of providers and merchandise is uniquely tailor-made to every consumer, from homeowners to occupiers, traders to founders, and startups to blue-chip corporations. Combining the platform’s world attain with market intelligence in each established and rising property markets, Newmark gives superior service to purchasers throughout the trade spectrum. Newmark generated revenues of almost $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned workplaces, along with its enterprise companions, function from roughly 170 workplaces with over 6,500 professionals all over the world. To study extra, go to nmrk.com or observe @newmark.

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SOURCE Newmark Group, Inc.