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Union Square MXU Project Receives Construction Financing
JLL has secured construction financing for two projects in the Union Square neighborhood of Somerville. The projects are adjacent to the new MBTA Union Square Green Line station and consist of an approximately 194,000-square-foot, life sciences and lab facility and an adjacent 450-unit residential tower and mid-rise building.
The two projects mark the first phase of the Union Square Revitalization (USQ) master plan, which will eventually deliver nearly 2.4 million square feet of mixed uses to the area. The projects are also less than a mile from the Massachusetts Institute of Technology and Kendall Square.
Daniel Kaufman, Frederic Wittmann and Brett Paulsrud of JLL secured financing on behalf of the borrower, a joint venture between affiliates of Magellan Development Group, RAS Development, Cypress Equity Investments and USAA Real Estate, to secure the development financing. The lender was Bank OZK.
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- ◦Financing
- ◦Development
