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Square Mile Capital Originates Loan for Office-to-Conversion in Burlington
Square Mile Capital Management, LLC, has originated a construction loan to finance the life sciences conversion of Three Burlington Woods, a 175,000-square foot office building in Burlington, MA. The loan was made to an affiliate of GI Partners.
“This transaction resulted from a compelling opportunity to provide financing to an experienced sponsor in a market with strong life sciences fundamentals,” said David Greenburg, principal of Square Mile Capital. “We expect to be well received by the market upon completion of conversion due to Burlington’s low vacancy, high net absorption, and investors’ continued investment in the life sciences space.”
Three Burlington Woods is situated in campus setting along the Route 128 / I-95 life sciences corridor, 15 miles from Cambridge. The property will feature lab infrastructure, flexible floorplates of approximately 41,000 square feet each and a pre-built lab component. Completion is expected by the end of 2023.
- ◦Financing
