JLL arranges $750M construction loan for a mixed-use project near Harvard University

BOSTON, June 22, 2023 –  JLL’s Capital Markets group announced today that it has arranged a $750 million construction loan for the first phase of the Enterprise Research Campus, a 900,000-square-foot, mixed-use development just minutes from Harvard University in Allston, Massachusetts. The $750 million loan represents one of the country’s largest construction loans closed year-to-date 2023.

JLL worked on behalf of the developer, Tishman Speyer, to secure construction financing led by Otera Capital.

The first phase of the Enterprise Research Campus will consist of a 345-unit multi-housing building, a hotel, a conference center operated by Harvard University, and two state-of-the-art laboratory buildings that will be developed by Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital. The development will also incorporate a series of street-level shops and restaurants, and over two acres of open space that will host an array of public events, such as farmer’s markets, concerts and outdoor fitness classes. The development is positioned on 9.4 acres, adjacent to the Harvard Business School and Harvard Science and Engineering Complex in Allston, and situated at the nexus of the world’s most prominent life science and innovation cluster.

JLL’s Capital Markets team representing the borrower was led by Executive Managing Director Mike Tepedino, Senior Managing Director Brett Paulsrud, Managing Director Geoff Goldstein and Associates Mike Shepard and Hugh Doherty.

“Dynamic mixed-use projects have continued to demonstrate significant outperformance and liquidity,” Goldstein said. “Tishman Speyer has an incredible vision for this project that is poised to become the anchor for Boston’s next great innovation cluster.”

“The location adjacent to Harvard’s campus provides a unique competitive advantage for ERC in one of the most coveted life science and biotech ecosystems,” added Paulsrud. “The project will not only attract the world’s most innovative companies but will also have direct access to the unparalleled talent pool generated by Harvard, MIT, and the many other prestigious institutions surrounding the area.”

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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