JLL arranges $230 million financing for Somerville life sciences development
BOSTON – JLL Capital Markets announced that it has arranged a $230 million construction loan for the development of 15 McGrath Highway, a speculative life sciences development totaling 262,000 square feet in Somerville, Massachusetts.
JLL worked on behalf of DLJ Real Estate Capital Partners, Leggat McCall Properties and Deutsche Finance America to secure the non-recourse construction loan with Oxford Properties Group.
With a projected completion in late 2024, 15 McGrath Highway will be a nine-story, state-of-the-art life sciences facility positioned adjacent to East Cambridge and within walking distance of the MBTA’s new Lechmere Station along the Green Line. The project will incorporate lab, retail and office/arts space with typical floorplates of 34,000 square feet. In addition, 15 McGrath Highway will offer 265 below-grade parking spaces and the project abuts the recently extended Somerville Community Path for bikes and pedestrians.
Read the full article at Boston Real Estate Times →