JLL’s (NYSE:JLL) Capital Markets arranged a $750 million construction loan for the first phase of the Enterprise Research Campus, a 900,000-square-foot, mixed-use development adjacent to Harvard University in Allston, Massachusetts.
According to the company, the $750 million loan represents one of the country’s largest construction loans closed year-to-date. JLL worked on behalf of the developer, Tishman Speyer, to secure construction financing led by Otera Capital.
The first phase of the Enterprise Research Campus will consist of a 345-unit multi-housing building, a hotel, a conference center operated by Harvard University, and two state-of-the-art laboratory buildings that will be developed by Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital. Street-level shops and restaurants and more than two acres of open space will be part of the development, which is positioned on 9.4 acres adjacent to the Harvard Business School and Harvard Science and Engineering Complex.
“Dynamic mixed-use projects have continued to demonstrate significant outperformance and liquidity,” said JLL Managing Director Geoff Goldstein. “Tishman Speyer has an incredible vision for this project that is poised to become the anchor for Boston’s next great innovation cluster.”
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