The Enterprise Research Campus will feature 900,000 square
feet of premier lab, residential, hospitality and retail space in
Allston, Massachusetts
BOSTON, June 22,
2023 /PRNewswire/ --
JLL's Capital Markets group announced today
that it has arranged a $750 million
construction loan for the first phase of the Enterprise Research
Campus, a 900,000-square-foot, mixed-use development just minutes
from Harvard University in Allston, Massachusetts. 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
state-of-the-art 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," added
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."
JLL's Capital Markets group is a full-service global provider of
capital solutions for real estate investors and occupiers. The
group's in-depth local market and global investor knowledge
delivers the best-in-class solutions for clients — whether
investment sales and advisory, debt advisory, equity advisory or a
recapitalization. The firm has more than 3,000 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit
JLL's newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a
leading global commercial real estate and investment management
company, has helped clients buy, build, occupy, manage and invest
in a variety of commercial, industrial, hotel, residential and
retail properties. A Fortune 500 company with annual revenue of
$20.9 billion and operations in over
80 countries around the world, our more than 103,000 employees
bring the power of a global platform combined with local expertise.
Driven by our purpose to shape the future of real estate for a
better world, we help our clients, people and communities SEE A
BRIGHTER WAYSM. JLL is the brand name, and a registered
trademark, of Jones Lang LaSalle Incorporated. For further
information, visit jll.com.
Contact: Kristen Murphy,
JLL Director, Public Relations
Phone: +1 617 543 4873
Email: Kristen.Murphy@jll.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/jll-arranges-750m-construction-loan-for-a-mixed-use-project-near-harvard-university-301858197.html
SOURCE JLL