Bedford Life Sciences Conversion Secures $150M Refi

JLL Capital Markets arranged a $150-million refinancing for Bedford Labs, a 288,000-square-foot, newly converted, Class A life sciences facility in Bedford, MA. A JLL team led by senior managing directors Brett Paulsrud and Tom Sullivan and director Mike Shepard worked on behalf of the borrower, a joint venture between AEW Capital Management, Redgate and Optimum Asset Management, to secure the loan from an affiliate of Apollo Global Management.

Recently repositioned from a single-tenant office building into a life sciences/R&D facility, Bedford Labs is fully leased to Sarepta Therapeutics, a commercial-stage biopharmaceutical company, under a long-term agreement. In addition to the existing building, the site at 100 Crosby Dr. also allows for an additional 300,000 square feet of development.

“Although the life sciences market continues to face various challenges, debt capital remains available for top-tier borrowers with quality assets,” said Paulsrud. “The AEW, Redgate and Optimum team has demonstrated their clear understanding of this niche market sector, which is exemplified by their positive track record at Bedford Labs.”