Image courtesy of JLL

A development team received a $278 million construction loan for a Somerville lab project scheduled for completion in 2024 in the growing Boynton Yards life science cluster.

The 334,000-square-foot Boynton Gateway project is being developed by CV Properties, Cannon Hill Capital Partners and L&B Realty Advisors.

Brookfield Asset Management provided the floating-rate construction loan for the project, located next to the 1.35 million-square-foot Boynton Yards life science development by Leggat McCall Properties and DLJ Real Estate Partners.

Boynton Gateway developers originally submitted plans in early 2021 for a 12-story lab tower on the site, which contains industrial and residential properties on Columbia Street, Webster Avenue and Beach Avenue. In January, they reduced the building height to 9 stories in response to objections from neighbors at the 80 Webster condominium complex.

JLL capital markets sourced the floating-rate construction loan from Brookfield Asset Management. The project is scheduled for completion in the third quarter of 2024.

The project breaks ground amid continuing strong leasing activity during a historic life science building boom in Greater Boston.

There are currently 16 million square feet of lab buildings under construction in the region, according to JLL research, effectively increasing the regional life science inventory by 50 percent.

Tenants have already leased 86 percent of the 5.7 million square feet of lab space scheduled for completion in 2022, and 26 percent of the 9.5 million square feet coming on line in 2023, according to JLL.

Somerville Labs Get $278M in Construction Financing

by Steve Adams time to read: 1 min