CBRE Secures $180M Construction Loan for New Haven Life Science Project
CBRE has secured a $180 million construction loan for the development of a state-of-the-art life sciences facility at 101 College Street in New Haven, CONN. The developers behind the project are Harrison Street and Winstanley Enterprises. Heather Brown, Robert Borden and Grace Keating of CBRE secured the financing on behalf of the developers. A large commercial bank led the origination with significant participation from Webster Bank.
Totaling 525,000 square feet, 101 College Street is over 70% pre-leased to a number of blue-chip tenants including Yale, Arvinas and BioLabs. The project represents the fourth large-scale life sciences project in New Haven for Winstanley, which has been investing in the city for more than two decades.
“We are thrilled to commence the 101 College Street project and that Arvinas has selected this building for their new headquarters,” said Carter Winstanley, principal at Winstanley Enterprises. “Arvinas’s exciting pipeline of therapies targeting oncology and neurodegeneration represents the type of groundbreaking research being done in Connecticut and New Haven, and we look forward to supporting their continued growth.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.