JLL has arranged a $230-million construction loan for the development of 15 McGrath Highway, a speculative life sciences development totaling 262,000 square feet in Somerville, MA.
Brett Paulsrud, Henry Schaffer and Mike Shepard of JLL represented DLJ Real Estate Capital Partners, Leggat McCall Properties and Deutsche Finance America to secure the non-recourse construction loan with Oxford Properties Group.
“Greater Boston continues to be ranked among the top life sciences markets in the world,” said Paulsrud. “As a result, liquidity for projects with best-in-class sponsorship and location, such as 15 McGrath, remains intact and active.”
With a projected completion in late 2024, 15 McGrath Highway will be a nine-story facility that incorporates lab, retail and office/arts space with typical floorplates of 34,000 square feet.
The property is adjacent to East Cambridge and walking distance of the MBTA’s new Lechmere Station along the Green Line. The project is at the crossroads of Kendall Square, one of the nation’s tightest life sciences markets, and Cambridge Crossing.