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PCCP Provides $40M Loan to Refinance Metro Boston Life Science Portfolio
PCCP LLC has provided a $39.8 million loan to refinance a three-property life science/lab and creative office portfolio in the Boston area suburbs of Watertown and Newton, MASS. The borrower was KS Partners.
The properties consist of 165 Dexter Ave. in Watertown, an 11,344-square-foot property built in the 1940s; 85 School Street in Watertown, a 32,000-square-foot property built in 1946 and 59 to 85 Chapel Street in Newton, an 81,602-square-foot property built in 1900 and renovated in 2017. The portfolio is 94 percent leased to a diverse list of tenants in the life science sector.
“The life science sector in the greater Boston area has grown over recent years and this is a quality, well-managed portfolio with a strategic business plan,” said Brian Haber of PCCP. “PCCP’s loan will refinance the existing debt for additional term and enable KS Partners to continue to make strategic life science improvements at each of the buildings.”
- ◦Financing
