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JV Secures $140M Construction Loan for Boynton Yards Lab Project
Bank OZK has provided a $140 million construction loan for 101 South Street, a 289,000-square-foot office and lab development in the Boynton Yards area of Somerville. The project, which is currently under construction, will represent the largest lab development in Somerville’s growing life science market.
Brett Paulsrud and Jennifer Keller of JLL’s Capital Markets team secured the financing on behalf of the borrower, a joint venture between DLJ Real Estate Capital Partners and Leggat McCall Properties, to secure first mortgage construction financing through Bank OZK.
Located one mile from Kendall Square, 101 South Street will consist of nine stories of life science space, and approximately 13,500 square feet of ground floor retail. The building is scheduled to deliver simultaneously with the planned 2021 opening of the new MBTA Green Line station at Union Square. The project is the first phase of the JV’s planned mixed-use development for the Union Square/Boynton Yards area of Somerville.
For comments, questions or concerns, please contact David Cohen
- ◦Financing
- ◦Development
