Image courtesy of SGA and DREAM Collaborative

A development group lead by Related Beal has secured funding for Innovation Square Phase III, a 345,000-square-foot complex leased by Vertex Pharmaceuticals for a research center. The funding includes a $28 million loan from Santander Bank. Construction financing was provided by Santander Bank, Ullico, LBBW and Washington Capital. Designed by SGA and DREAM Collaborative, ISQ3 will be Boston’s first LEED Platinum and zero-net carbon life science building.

What else is on tap today?

• Sponsored Content: Webster First’s Guide to Mortgage Solutions
• No Rate Cuts: The Federal Reserve declined to reduce its benchmark interest rate yesterday, citing continued inflation.
• Prime Property at a Discount: 801 Boylston St. was purchased for $39.1 million, a 27 percent discount from its previous sale in 2013.
• Healey Asks for Help: The governor called upon business executives to support the multifamily zoning law at yesterday’s New England Council breakfast.
• Branches to Close: Berkshire Bank intends to close three branches in Connecticut later this year.

Show me the data!

Here’s what interest rates did this week.

What did I miss?

Here’s what you might have missed in Sunday’s newsletter. Not a B&T subscriber? Fix that here.

• If downtown Boston is to fully regains its retail footings, the road to recovery will follow an unconventional path, and developers are casting a wider net to capture newcomers.
• The Wu administration’s push to expand the required amount of affordable housing in every new building has generated fierce pushback from developers.
• An inside look at how a unique mix of collaboration and strategic investments improved the quality of life for Pittsfield residents and tips for how other towns can replicate the process.