Dealmaker: Boylston Properties, J.P. Morgan Refinance Boston-Area Life Science Building

(Credit: Anton Grassl)

Boylston Properties, Boston, and J.P. Morgan Global Alternatives, New York, closed a $150 million loan from Northwestern Mutual to refinance 100 Forge, a life science building in Watertown, Mass.

The transaction was brokered by the JLL Capital Markets team. Boylston Properties and J.P. Morgan will use the funds to pay off a construction loan sourced from Bank OZK, Little Rock, Ark., in 2021.

Opened in January 2023 and fully occupied by five businesses, 100 Forge is part of the Arsenal Yards development in Watertown, a suburb of Boston.

“We hope the success of this deal serves as a beacon for stalwarts in both the life science and life science real estate industries,” said Bill McQuillan, Founding Principal of Boylston Properties. “Despite the significant headwinds experienced this year, Greater Boston is poised to remain the leading destination for science that is quite literally changing the world”