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JLL Secures $585M Construction Financing for Allston LabWorks in Boston
JLL has arranged $585 million in construction financing for a mixed-use project consisting of Allston LabWorks, 580,905 square feet of life sciences, retail and multi-housing space in the Allston neighborhood of Boston, MA.
Greg LaBine and Director Amy Lousararian of JLL worked on behalf of the borrower— a joint venture between King Street Properties, Brookfield and Mugar Enterprises — to secure the four-year, floating-rate loan through an institutional debt fund.
Once completed, Allston LabWorks will consist of 534,000 square feet of lab space; 20,000 square feet of retail space; 35 multi-housing units (26% of which will be affordable) as well as a 12,000-square-foot public plaza with an additional 5,000-square-foot landscaped open space and 668 garage parking spaces.
The project, which is located on 4.27 acres on Western Avenue, is adjacent to Harvard University’s 350-acre Allston campus, which is home to the newly opened John A. Paulson School of Engineering and Applied Sciences.
- ◦Development
