News: Front Section

JLL arranges $750 million construction loan for first phase of Enterprise Research Campus - a 900,000 s/f mixed-use development near Harvard

Allston, MA JLL’s Capital Markets group has arranged a $750 million construction loan for the first phase of the Enterprise Research Campus, a 900,000 s/f, mixed-use development located near Harvard University. The $750 million loan represents one of the country’s largest construction loans closed year-to-date 2023.

JLL worked on behalf of the developer, Tishman Speyer, to secure construction financing led by Otera Capital.

The first phase of the Enterprise Research Campus will consist of a 345-unit multi-housing building, a hotel, a conference center operated by Harvard University, and two laboratory buildings that will be developed by Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital. The development will also incorporate a series of street-level shops and restaurants, and over two acres of open space that will host an array of public events, such as farmer’s markets, concerts and outdoor fitness classes. The development is positioned on 9.4 acres, adjacent to the Harvard Business School and Harvard Science and Engineering Complex in Allston, and situated at the nexus of the world’s most prominent life science and innovation cluster.

JLL’s Capital Markets team representing the borrower was led by executive managing director Mike Tepedino, senior managing director Brett Paulsrud, managing director Geoff Goldstein and associates Mike Shepard and Hugh Doherty.

“Dynamic mixed-use projects have continued to demonstrate significant outperformance and liquidity,” Goldstein said. “Tishman Speyer has an incredible vision for this project that is poised to become the anchor for Boston’s next great innovation cluster.”

“The location adjacent to Harvard’s campus provides a unique competitive advantage for ERC in one of the most coveted life science and biotech ecosystems,” said Paulsrud. “The project will not only attract the world’s most innovative companies but will also have direct access to the unparalleled talent pool generated by Harvard, MIT, and the many other prestigious institutions surrounding the area.”

READ ON THE GO
DIGITAL EDITIONS
Subscribe
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Quick Hits
STAY INFORMED FOR $9.99/Mo.
NEREJ PRINT EDITION
Stay Informed
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Newsletter
Columns and Thought Leadership
Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate Journal presents<br> the First Annual Project of the Year Award! Vote today!

The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!

The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Investing in a falling rate environment - by Harrison Klein

Investing in a falling rate environment - by Harrison Klein

Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary