Bank OZK Supplies $246M Construction Loan for Boston-Area Life Sciences Project
A joint venture between Leggat McCall Properties, DLJ Real Estate Capital Partners and Deutsche Finance America has secured $246 million in construction financing to erect a new life sciences development in metropolitan Boston, Commercial Observer has learned.
Bank OZK provided the five-year loan for the developer’s 808 Windsor project at 808 Windsor Street in Somerville, Mass., that will offer 346,000 square feet of lab space and 7,000 square feet of retail. The property is part of the JV’s Boynton Yards master plan, which calls for up to 1.4 million square feet of development and is home to another life sciences development, completed this year at 101 South Street.
JLL Capital Markets represented the borrower in arranging the transaction with a team led by Brett Paulsrud, a senior managing director, and Henry Schaffer, a director.
“On the heels of the success of 101 South, 808 Windsor is poised to be the bellwether asset of Boynton Yards with its sharp facade and seamless integration into the landscape,” Schaffer said in a statement. “We’re thankful to be able to work alongside such a talented development team to secure a capitalization structure that meets their objectives and expands their relationship with a prolific lender in Bank OZK.”
Representatives for Bank OZK and the developer did not immediately return requests for comment.
The 808 Windsor project is located adjacent to the newly developed Massachusetts Bay Transportation Authority Union Square Green Line Station, which is expected to open in the first quarter of 2022. It’s also less than a mile from Cambridge, Mass.’ Kendall Square, which is considered the epicenter of Greater Boston’s life sciences industry. The property is also close to Harvard University and the Massachusetts Institute of Technology.
Bank OZK supplied a $239 million construction loan in February for the Union Square Revitalization project, which will feature 2.4 million square feet of mixed-use development that includes a large life sciences component.
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