{"id":1004668658,"date":"2023-06-21T03:33:11","date_gmt":"2023-06-21T11:33:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004668658"},"modified":"2023-06-26T05:14:29","modified_gmt":"2023-06-26T13:14:29","slug":"boylston-j-p-morgan-secure-150m-for-boston-life-science-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/boylston-j-p-morgan-secure-150m-for-boston-life-science-asset\/","title":{"rendered":"Boylston, J.P. Morgan Secure $150M for Boston Life Science Asset"},"content":{"rendered":"
\"100<\/a>

100 Forge. Image by Anton Grassl, courtesy of Boylston Properties<\/em><\/p><\/div>\n

Boylston Properties<\/strong> and J.P. Morgan Global Alternatives<\/strong> have obtained a $150 million refinancing for 100 Forge, a life science asset totaling 165,600 square feet in Watertown, Mass. The Northwestern<\/strong> Mutual<\/strong> note will pay off the $100 million construction loan from Bank OZK<\/strong>, originated in 2021, according to CommercialEdge data. JLL Capital Markets<\/strong> brokered the deal on behalf of the partnership.<\/p>\n

Open since January as the first purpose-built lab building in the city, 100 Forge is part of the life science campus of Arsenal Yards<\/a>, a mixed-use destination totaling 1 million square feet, developed by Boylston Properties and The Wilder Cos. since 2017. The biotech complex also includes the 159,000-square-foot 500 Forge and the 108,000-square-foot 200 Arsenal Yards Blvd.<\/p>\n

\n

READ ALSO<\/strong>: Getting Into the Heads of Life Science Clients<\/a><\/p>\n

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Situated on 16 acres at 100 Forge Road, the nine-story asset features 15,022- to 19,684-square-foot floorplates, conference rooms, a storage area, loading facilities, a bicycle lobby space and a chemical storage area with pH neutralization capabilities. The building has been fully leased since the end of 2021; its tenant roster includes Remix Therapeutics, Vigil Therapeutics, Abata Therapeutics, Mariana Oncology and Affini-T Therapeutics.<\/p>\n

The property, located just north of Interstate 90, is 3 miles from Cambridge, Mass., 4 miles from Massachusetts Institute of Technology, 6 miles from downtown Boston and within 10 miles of Boston Logan International Airport.<\/p>\n

JLL Senior Managing Director Brett Paulsrud and Senior Director Henry Schaffer made arrangements on behalf of the borrower.<\/p>\n

A powerful life science market<\/h2>\n

Several major life science projects have been announced or are moving forward in Greater Boston. Earlier this month, Skanska announced plans for the development of a 398,000-square-foot research center for Simmons University, a $311 million project<\/a> slated for delivery in September 2026.<\/p>\n

In May, Greystar topped out a 465,000-square-foot life science<\/a> building in Somerville, Mass.’ Assembly Square district. The company’s first ever project in the life sciences sector is coming online in the context of the $1.2 billion joint venture between Greystar and the Canada Pension Plan Investment Board.<\/p>\n

In September 2022, Lendlease and Ivanho\u00e9 Cambridge commenced construction on a $500 million life science project<\/a> situated in the heart of Boston Landing. Completion of the 350,000-square-foot building is expected in 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"

Northwestern Mutual provided the note, which will retire a construction loan.<\/p>\n","protected":false},"author":2991,"featured_media":1004668667,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21808,21825,21742,10,21747],"tags":[41597,40650,51564,44006,37376],"class_list":["post-1004668658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-featured","category-finance","category-latest","category-northeast","category-office","tag-bank-ozk","tag-boylston-properties","tag-j-p-morgan-global-alternatives","tag-jll-capital-markets","tag-northwestern-mutual"],"acf":[],"yoast_head":"\nBoylston, J.P. Morgan Secure $150M for Boston Life Science Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Boylston Properties and J.P. 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