Boston & New England + Metro Boston + Finance | August 3, 2022

Newmark has arranged $514 million in construction financing for Phase I of Assembly Innovation Park’s life science tower in Somerville, MA.

Newmark Arranges $514M Build Loan for Assembly Innovation Park in Somerville

Newmark has arranged $514 million in construction financing for Phase I of Assembly Innovation Park, a 485,000-square-foot life science tower that is under development by BioMed Realty in Somerville, MA.

David Douvadjian, Sr., Timothy O’Donnell, Brian Butler, David Douvadjian, Jr., and Conor Reenstierna of Newmark represented the borrower.

The financing for Phase I of Assembly Innovation Park is one of Greater Boston’s first “green loans.” Designed to achieve LEED Gold and WELL certifications, the 12-story asset and its associated parking garage will incorporate sustainable technologies including a high-performance curtain wall, high-efficiency chilled water and exhaust air systems and a rooftop photovoltaic array.

The financing for Phase I of Assembly Innovation Park is among $4+ billion in recent and active life science transactions by Newmark’s Boston debt and structured finance group, including its arrangement of $404 million for 601 Congress, a 482,000-square-foot office-to-laboratory conversion in Boston’s Seaport District, also on behalf of BioMed Realty.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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