9-90 Corporate Center a mortgage which will provide financing for the acquisition and renovation a four-building office/lab campus located in Boston, MA.
The life science property is located 25 miles west of Boston at the intersection of Route 9 and U.S. Interstate 90 in Framingham, Massachusetts.
The Property is currently 81% leased to a tenant roster anchored by life science and technology users, many of which operate their headquarters or other flagship facilities on site.
The mortgage will be a structured financing execution in which the Fund originates a whole loan and then sells the A-Note, retaining the higher yielding B-Note.
The Sponsor’s planned buildout will feature 60% lab / 40% office with both biotechnology and chemical functionality. This buildout will be ideal to attract the type of biotech firms inthe 30-60k SF size range that are currently seeking space in the submarket.
- Boston is one of the top life sciences markets in the country, with strong regional employment growth; access to top universities, healthcare systems, and talent; and strong venture capital flowing into the region.
- Between 2014 and 2017, the Boston-Cambridge market, the No. 1 life sciences cluster in the United States, grew at a faster pace than any other major life sciences cluster. The region’s unparalleled educational institutions, abundance of available funding and top-rated talent have this market well positioned for continued growth.