Dealmaker: JLL Secures $246M Life Sciences Construction Loan

JLL Capital Markets, Chicago, arranged $246 million for 808 Windsor, a to-be-built life sciences development totaling 353,000 square feet in Somerville, Mass.

808 Windsor illustration courtesy of JLL

JLL represented the borrower, a partnership among Leggat McCall Properties, DLJ Real Estate Capital Partners and Deutsche Finance America. Bank OZK, Little Rock, Ark., supplied the five-year loan. JLL Senior Managing Director Brett Paulsrud and Director Henry Schaffer led the capital markets team that arranged the financing.

The 11-story facility will include 346,000 square feet of lab space and 7,000 square feet of retail. 808 Windsor is part of the developer’s Boynton Yards Master Plan, which is currently permitted for up to 1.35 million square feet of development.

The first project within the master plan, 101 South Street, delivered in 2021. The life science space at 101 South Street is fully leased to four life sciences companies within Flagship Pioneering’s portfolio.

808 Windsor is adjacent to the newly developed Union Square MBTA Green Line Station less than one mile from Cambridge’s Kendall Square, the epicenter of greater Boston’s life sciences industry. The property is near Harvard University, MIT and the MBTA Orange and Green line, which provide access into downtown Boston.

Greater Boston remains the top life sciences market in the world and has seen record investment into the sector along with strong interest from both domestic and international investors.