Square Mile Capital Lends $193M to Build Boston-Area Life Sciences Development
North River Leerink has secured $192.5 million in construction financing for a life sciences development in Somerville, Mass., Commercial Observer can first report. An affiliate of Square Mile Capital Management provided the loan.
Colliers secured the construction loan on behalf of the borrower. The Colliers (CIGI) capital markets team was led by Jeff Black, Kevin Phelan, Sean Burke and Bryan Koop.
The project at 100 Chestnut Street totals approximately 200,000 square feet, and is the first life sciences building to break ground within North River Leerink’s new mixed-use campus in Somerville’s Brickbottom District. It will include lab and creative office space, as well as retail space, on 4.46 acres of contiguous land in the Boston suburb, according to a release.
“This financing marks a major milestone for the transformation of Somerville’s Brickbottom District into a world-class hub for innovation and wellness,” Black said in a statement. “Metro Boston remains the most active and liquid life sciences market in the world, and 100 Chestnut Street is well positioned to catalyze the region’s next great ecosystem. It will be exciting to watch this best-in-class development team execute its master plan, and Colliers is grateful to have played our part.”
When delivered in the summer of 2023, the four-story, 208,616-rentable-square-foot, Gensler-designed 100 Chestnut will feature 200,164 square feet of Class A lab and office space. The LEED Platinum-certified development will also include 8,452 rentable square feet of ground-floor retail, on-site amenity space and two levels of below-grade parking, according to the release.
“This transaction illustrates Square Mile Capital’s current real estate debt investment priorities,” said David Greenburg, principal of Square Mile Capital. “We seek more opportunities in the life sciences sector, and the Boston-area market has been among the best locations for many years. We believe that will continue to be the case as we expect demand for new high-quality space will be strong for years to come.”
North River Leerink is a joint venture partnership between North River Company and Leerink Development. Representatives did not immediately respond to a request for comment.
Emily Fu can be reached at efu@commercialobserver.com.
