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.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.