Boston, MA
Newmark Arranges $514M “Green” Construction Loan for Boston BioMed Development
From left: Newmark’s David Douvadjian and Barry M. Gosin, and BioMed’s Tim Schoen with Meeting Innovation Park (Newmark, Blackstone, Getty)
Boston’s life sciences actual property market goes a bit inexperienced.
Newmark organized a $514 million development mortgage for Boston BioMed’s Meeting Innovation Park in Somerville, Massachusetts. The financing will cowl the primary section of the undertaking, a 12-story, 485,000 square-foot life sciences constructing.
The mortgage’s circumstances don’t cease at curiosity and phrases: The constructing should meet environmental sustainability requirements, incorporating sustainable applied sciences resembling rooftop photo voltaic panels
to make sure will probably be LEED Gold- and WELL-certified.
Sprinkled with analysis universities like MIT and Harvard, the Boston space has been a magnet for all times sciences improvement, every part from prescription drugs to biotech to cosmetics, in recent times. Newmark says it’s secured greater than $4 billion for such tasks since December 2020.
“Life science has been a significant driver of financing exercise throughout Higher Boston prior to now 18 months,” Newmark’s David Douvadjian Sr., who organized the deal together with Timothy O’Donnell, Brian Butler, David Douvadjian Jr. and Conor Reenstierna.
Meeting Innovation Park, developed by Blackstone portfolio firm BioMed on the location of a former Ford plant, will add 970,000 sq. toes of life science area within the Boston suburb. Development started in January, and builders anticipate Section I shall be accomplished in mid-2024.
Whereas it’s being constructed on spec, BioMed says it’s assured it could actually discover tenants. “We imagine very a lot within the fundamentals of the trade, so we’re transferring forward,” BioMed Realty’s Colleen O’Connor informed the Boston Enterprise Journal.