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JLL has arranged $278 million construction financing for Boynton Gateway life science facility in Somerville, MA.

Partnership Trio Secures $278M Build Loan for Somerville Life Science Facility

JLL has arranged $278 million construction financing for Boynton Gateway, a to-be-developed, nine-story, 334,000-square-foot life science facility in Somerville, MA.

Anthony Cutone and Henry Schaffer of JLL represented the borrower — a joint venture between CV Properties, Cannon Hill Capital Partners and L&B Realty Advisors — to secure a floating-rate loan through Brookfield Asset Management.

With a projected completion in Q3 2024, Boynton Gateway will encompass office, research and development, lab, accessory tenant retail and newly landscaped public realm improvements. The project will accommodate cutting-edge labs, modern offices, innovative startups and arts/creative enterprises uses.

Boynton Gateway lies within Somerville’s Boynton Yards Overlay District, which provides zoning and density framework for the development of commercial and life science buildings and has nearly one million square feet of lab in development. It neighbors the new Union Square Master planned development and sits less than one mile from Kendall Square.

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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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