$750 million loan granted for mixed-use center in Boston
JLL Capital Markets hit a $750 million home run that will allow ground to break on a 900,000-sq.-ft. that will be the first phase of a mixed-use center not far from Fenway Park.
Developed by Breakthrough Properties—a joint venture of Tishman Speyer and BellCo Capital--the Enterprise Research Campus will comprise a 345-unit apartment building, a hotel, retail, laboratory buildings, and a conference center operated by Harvard University.
The center will be built in Boston’s Allston neighborhood near the Harvard Business School and the Harvard Science and Engineering Complex.
According to JLL, the financing package granted by Otera Capital is one of the largest construction loans awarded so far this year.
“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,” said Brett Paulsrud, a senior managing director of JLL Capital Markets.
Harvard first moved into Allston some 20 years ago with big development plans, many of which were scuttled during the 2008 financial crisis. The university took up again there in 2016, having since erected the Paulson School of Engineering and Applied Science.
The retail portion of the 9.4-acre Enterprise Research Campus will incorporate a series of street-level shops and restaurants. More than two acres of green space are envisioned for the hosting of events such as farmer’s markets, concerts, and outdoor fitness classes.
“Dynamic mixed-use projects have continued to demonstrate significant outperformance and liquidity,” said Geoff Golldstein. a JLL Capital Markets managing director. “Tishman Speyer has an incredible vision for this project that is poised to become the anchor for Boston’s next great innovation cluster.”
Allston has close proximity to Route 2 and the Mass Pike. Public transportation includes the Red Line at Harvard Square, the Green Line at Packard's Corner or Harvard Avenue and Commonwealth Avenue.