{"id":1004179079,"date":"2017-06-02T03:29:51","date_gmt":"2017-06-02T11:29:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004179079"},"modified":"2022-12-07T19:43:02","modified_gmt":"2022-12-08T03:43:02","slug":"boston-biotech-facility-lands-135m-in-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/boston-biotech-facility-lands-135m-in-financing\/","title":{"rendered":"Update: Boston Biotech Facility Lands $135M in Financing"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<div id=\"attachment_1004179087\" style=\"width: 417px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/f67f8e_1a454485c599422bb57433d7d0757e0a-mv2_d_7916_4418_s_4_2.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004179087\" data-attachment-id=\"1004179087\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/boston-biotech-facility-lands-135m-in-financing\/f67f8e_1a454485c599422bb57433d7d0757e0a-mv2_d_7916_4418_s_4_2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/f67f8e_1a454485c599422bb57433d7d0757e0a-mv2_d_7916_4418_s_4_2.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Tyson Reynoso&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"f67f8e_1a454485c599422bb57433d7d0757e0a-mv2_d_7916_4418_s_4_2\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/f67f8e_1a454485c599422bb57433d7d0757e0a-mv2_d_7916_4418_s_4_2.jpg?w=800\" class=\"wp-image-1004179087 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/f67f8e_1a454485c599422bb57433d7d0757e0a-mv2_d_7916_4418_s_4_2.jpg\" alt=\"830 Winter St.\" width=\"407\" height=\"305\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/f67f8e_1a454485c599422bb57433d7d0757e0a-mv2_d_7916_4418_s_4_2.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/f67f8e_1a454485c599422bb57433d7d0757e0a-mv2_d_7916_4418_s_4_2.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/f67f8e_1a454485c599422bb57433d7d0757e0a-mv2_d_7916_4418_s_4_2.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 407px) 100vw, 407px\" \/><\/a><p id=\"caption-attachment-1004179087\" class=\"wp-caption-text\">830 Winter St.<\/p><\/div>\n<p>King Street Properties has secured $135 million in financing for 830 and 828 Winter St., an existing 185,000-square-foot, Class A lab\/biotech building and a soon-to-be-built lab\/biotech facility in Waltham, Mass.\u00a0HFF arranged the financing through Blackstone Mortgage Trust.<\/p>\n<p><em>\u201cThis was a <a href=\"https:\/\/www.commercialsearch.com\/news\/construction-starts-at-boston-area-science-campus\/\">first-class laboratory facility<\/a> in a prime suburban Boston location,\u201d <\/em>Greg LaBine, HFF\u2019s managing director of its debt placement team, told<em> Commercial Property Executive. \u201cThe proceeds will be used to refinance the existing building and construct the new building.\u201d<\/em><\/p>\n<p>The existing building at 830 Winter St., was originally built in 2001 as the flagship headquarters for Praecis Pharmaceuticals, and today is home to ImmunoGen, GlaxoSmithKline and the Histogenics Corporation.<\/p>\n<p>The building is located off Route 95\/Route 128 at exit 27, just 12 miles west of Boston. It\u2019s also in close proximity to the new 1265 Main Street mixed-use development. \u00a0\u00a0<\/p>\n<p>The new property, which will be named 828 Winter St., will consist of a three-story, 144,910-square-foot, Class A lab\/biotech building with a four-level parking garage. Construction began last October and it\u2019s expected to be completed by next summer.<\/p>\n<p>According to LaBine, King Street saw an opportunity to capitalize on the tight suburban lab market and expand its existing Waltham property to meet the growing demand and Blackstone shared their vision and provided a creative and flexible solution for lab construction financing.<\/p>\n<p><em>\u00a0<\/em><em>\u201cTight lab market conditions coupled with tremendous sponsorship with an impeccable track record made this a strong financing opportunity,\u201d <\/em>LaBine said.<em> \u201cWaltham has a well-recognized laboratory cluster that attracts both big pharma and early stage biotech firms.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new property, dubbed 828 Winter St., will consist of a three-story, 144,910-square-foot, Class A lab\/biotech building with a four-level parking garage.<\/p>\n","protected":false},"author":451,"featured_media":1004179087,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21782,21754,21742,10],"tags":[35941,34657,32792,35805],"class_list":["post-1004179079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-development","category-medical-office","category-latest","category-northeast","tag-blackstone-mortgage-trust","tag-greg-labine","tag-hff","tag-king-street-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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