JLL Arranges $230M Construction Loan for Life Sciences Project in Somerville, Massachusetts
SOMERVILLE, MASS. — JLL has arranged a $230 million construction loan for 15 McGrath Highway, a 262,000-square-foot life sciences project that will be located in the northern Boston suburb of Somerville. The nine-story, transit-served facility will include commercial space and below-grade parking. Completion is slated for late 2024. Brett Paulsrud, Henry Schaffer and Mike Shepard of JLL arranged the nonrecourse loan on behalf of the borrower, a partnership between DLJ Real Estate Capital Partners, Leggat McCall Properties and Deutsche Finance America. Oxford Properties Group provided the financing.