Funding is one of Greater Boston first “green loans” and among more than $4 billion in recent, active life science deals by Newmark’s Boston Debt & Structured Finance group
BOSTON, August 1, 2022 /PRNewswire/ — Newmark Announces Arrangement of $514 million in financing the construction of Phase I of Assembly Innovation Park, a 485,000 square foot life science tower being developed by BioMed Realty in Somerville, Mass.. Newmark Executive Managing Directors David Douvadjian, Sr. and Timothy O’DonnellChairman and CEO Brian ButlerGeneral director David Douvajian, Jr. and partner Conor Reenstierna of the firm’s Boston Debt & Structured Finance group represented the borrower.
The Assembly Innovation Park Phase I funding is one of the Greater Boston first “green loans”. Designed to achieve LEED Gold and WELL certifications, the 12-story asset and its associated parking garage will incorporate sustainable technologies including a high-performance curtain wall, high-performance chilled water and exhaust air systems. efficiency and a photovoltaic network on the roof. The project started in January 2022 and is expected to deliver in the second quarter of 2024.
“Life sciences have been a major driver of fundraising activity across Greater Boston over the past 18 months,” said Douvadjian, Sr. “Projects like Phase I at Assembly Innovation Park will ensure the region continues to be one of the world’s top destinations for laboratory, advanced research and biotechnology.
The Assembly Innovation Park Phase I financing is among more than $4 billion in recent, active life science deals by Newmark’s Boston Debt & Structured Finance group. This list started in December 2020 with the arrangement of the group of $404 million in financing 601 Congress, a 482,000 square foot office-to-lab conversion at from boston Seaport District, also on behalf of BioMed Realty.
“Our life science business spans construction and conversion projects across multiple submarkets in Greater Boston“, O’Donnell said. “We are working closely with Newmark’s Boston Capital Markets group, which oversaw the sale of properties including Assembly Innovation Park and 601 Congress, to provide our clients with a menu of truly synergistic services. .”
Led by Newmark, Co-Head of US Capital Markets Robert GriffinExecutive Vice President Edward MaherVice-president Matthew Pullenexecutive general manager James Tribble and general manager Samantha Hallowellthe company’s Boston Capital Markets group was the most active broker of office and life science properties in United States in 2021 with more than $5.4 billion in sales, according to Real estate alert comparison of regional rankings.
Newmark Financial Analyst Harrison Zuco provides financial analysis support for transactions arranged by the firm’s Boston Debt & Structured Finance group.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly powering every phase of the property lifecycle. Newmark’s full range of services and products are uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue chip enterprises. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark delivers superior service to clients across all industries. Newmark has generated revenue from nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals worldwide. To learn more, visit nmrk.com or follow @newmark.
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