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.
- ◦Development