Joint Venture Receives $246M Construction Loan for Life Sciences Project in Metro Boston
SOMERVILLE, MASS. — A partnership between Leggat McCall Properties, DLJ Real Estate Capital Partners and Deutsche Finance America (DFA) has received $246 million in construction financing for 808 Windsor, a life sciences development located roughly four miles outside Boston in Somerville.
Brett Paulsrud and Henry Schaffer of JLL Capital Markets secured the five-year loan through Bank OZK. 808 Windsor will be positioned adjacent to the newly developed Union Square MBTA Green Line Station within Boynton Yards, a master-planned development that is set to span up to 1.35 million square feet.
The 11-story property will include 346,000 square feet of state-of-the-art lab space, 7,000 square feet of retail and 242 below-grade parking spaces. A timeline for the development was not announced.
Boston remains a top life sciences market in the U.S., with recently announced projects including the conversion of a 105,000-square-foot building in suburban Boston and the conversion of a 102,727-square-foot office building in Boston’s Seaport District into life sciences space, among others.
Leggat McCall Properties is an owner, developer and service provider for corporate, educational and healthcare properties across the greater Boston area. The company has developed over 42 million square feet of projects over the past 10 years.
DLJ Real Estate Capital Partners is an independent real estate investment management firm focused on acquiring assets in gateway neighborhoods of major U.S. cities.
Deutsche Finance America is the U.S. real estate private equity platform of Munich, Germany-based Deutsche Finance Group. DFA invests in U.S. markets including New York City, Boston, Chicago, San Francisco, Miami and Los Angeles.