A pair of new life science campuses in Allston and Somerville being developed on speculation received nearly $1.1 billion in construction financing.
On Western Avenue, Boston-based King Street Properties received $585 million from an institutional debt fund for its Allston LabWorks project, spanning over 580,000 square feet of life science, retail and multifamily housing on 4.3 acres.
The project is a partnership with Mugar Enterprises and Brookfield. The parcels at 250, 280 and 305 Western Ave. are located a short distance from Harvard University’s Allston campus, where the university received approval in July for the first 900,000-square-foot phase of its Enterprise Research Campus, which will include 440,000 square feet of office and lab space.
“The fact that we were able to move quickly on this loan in today’s market conditions speaks to the level of interest and confidence in Allston LabWorks,” King Street Managing Director Mike Diminico said in a statement.
JLL Managing Director Greg LaBine and Director Amy Lousararian represented the borrowers.
In Somerville’s Assembly Square, BioMed Realty received $514.4 million for the first 485,000-square-foot phase of its Assembly Innovation Park, currently under construction on Middlesex Avenue and Foley Street. Completion is scheduled for the second quarter of 2024.
Newmark’s Boston-based debt and structured finance group led by David Douvadjian Sr. and Timothy O’Donnell secured the financing on behalf of BioMed.
A Middlesex County Registry of Deeds filing listed United Overseas Bank Limited of Singapore as grantee of the mortgage.