Tishman Speyer closed on a $25.2-million mezzanine loan to a joint venture led by Boylston Properties and institutional investors advised by J.P. Morgan Asset Management at 500 Forge, a newly built, approximately 162,000-square-foot Class A life science lab and office building at Arsenal Yards in East Watertown, MA. The mezzanine loan marks Tishman Speyer’s first investment through its recently established debt platform.
The mezz loan is a key component of a refinancing package that also includes a $94.0 million senior loan from Landesbank Baden-Württemberg. Proceeds will be used primarily to retire the fully leased asset’s 2021 construction loan and fund contractual leasing costs tied to a newly executed lease with Mariana Oncology, a Novartis subsidiary.
“Securing this refinancing in today’s challenging life science capital markets speaks to the strength of our asset, the caliber of our tenancy, and the long-term vision we share with our partners,” said Mark Deschenes, president at Boylston Properties. “We’re grateful for LBBW and Tishman Speyer’s partnership on this collaborative transaction, and shared belief in the lasting strength of this asset and the broader campus.”
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