Blackstone Mortgage Trust Provides $135M Financing for Lab Facility Near Boston

WALTHAM, MASS. — Blackstone Mortgage Trust has provided $135 million in financing for 830 and 828 Winter St., an existing lab building and a planned lab facility in the Boston suburb of Waltham. HFF worked on behalf of the borrower, King Street Properties, in securing the financing through Blackstone. Loan proceeds will be used to refinance 830 Winter St., which spans 185,000 square feet, and to construct 828 Winter St. Completed in 2001, 828 Winter St. is home to tenants including Praecis Pharmaceuticals, ImmunoGen, GlaxoSmithKline and Histogenics Corp. The new property at 828 Winter St. will include 144,910 square feet across three stories along with a four-level parking garage. King Street broke ground on the project in October 2016 and is planning for a delivery date of July 2018. The HFF debt placement team representing the borrower included Greg LaBine and Porter Terry.

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