Liberty Bank Provides $22M Loan for New Haven Life Science Campus
Winchester Partners, a joint venture between developer L+M Development Partners, Twining Properties and the Goldman Sachs (GS)’ Urban Investment Group, have inked a $22 million loan to finance their planned life science development in New Haven, Conn., Commercial Observer has learned.
Liberty Bank originated the three-year floating rate loan for the deal. Greystone Capital Advisors, led by Drew Fletcher and Steven Deck, arranged the financing.
“Winchester Works is setting the pace for New Haven’s growing biotech and life sciences community, and this loan will allow us to further strengthen our position in the market,” Jake Pine, director at L+M Development Partners, said in a statement. “Laboratory space in New Haven is in significant demand, and we’re ready to welcome tenants right now.”
Located at 115 Munson Street in New Haven’s Prospect Hill across from Yale University’s Science Hill, the 145,000-square-foot asset is located on property that was formerly part of the Winchester factory, a building constructed in 1915 that was gut-renovated in 2012 as a Class A corporate headquarters. Winchester Office LLC purchased the property in late 2019 for $8 million and is revamping the building for life sciences tenants. It is also overhauling the entrance and lobby, along with revamping the facility’s rooftop amenity space.
BankMobile, a company that provides digital checking accounts to college students, has taken up 34,000 square feet of space in the building. The property is also occupied by Transact Campus, a cashless campus technology company, that is occupying 12,000 square feet.
Winchester also recently announced that biotechnology firm Halda Therapeutics will take 9,800 square feet of laboratory and office space in the complex, with plans to relocate to New Haven in early 2021. Chris Ostop and John Cahill of JLL (JLL) are the exclusive leasing agents for the Winchester Works campus.
“New Haven has evolved into an emerging biotech center, but with that has come a growing need for cutting-edge, laboratory and modern office space,” Greystone’s Fletcher said in a statement. “We are incredibly excited to have represented Twining, L+M, and Goldman on this project as they continue their push to redefine the landscape of downtown New Haven.”
The life science campus is the first part of the Winchester Center master plan, with the joint venture targeting four other buildings and development sites located near Science Park at Yale. Winchester said the area could include more than 1,000 apartments, retail space, and 500,000 square feet of office and lab space.
“Together, with the strong backing of other project sponsors, our team worked side by side in an incredibly difficult time to deliver the resources necessary to create first-class, modern space for biotech and life science[s] tenants, while bolstering community development and promoting job growth in the City of New Haven,” Jeff Hubbard of Liberty Bank, said in a statement.