Bulfinch Draws $150M Loan From Citizens for New 270,000 SF Cambridge LabJanuary 16, 2019
CAMBRIDGE–Citizens Commercial Real Estate Finance team is leading a $150 million construction loan to The Bulfinch Companies to build a new 270,000 square-foot lab building and a 383-parking space standalone garage at Cambridge Discovery Park.
Building 400-500 is a Class A, six-story, LEED-registered life sciences building. The property will offer large floor plates with 100 percent laboratory compatible space and feature two separate bases with two distinct lobbies, connected on the third floor and above. Building amenities include a fitness center, full-service cafeteria, outdoor patio, roof deck and bicycle storage area.
The new building will be situated in the desirable Cambridge Discovery Park (CDP), a 27-acre master-planned redevelopment located in West Cambridge’s Biotech Mini Cluster, and 1,600 feet from the MBTA’s Alewife Station - with close proximity to Cambridge’s Fresh Pond Shopping Area. Building 400-500 is the last phase of Bulfinch’s master-planned redevelopment totaling nearly 800,000 square-feet of lab, office and amenities. Existing CDP occupants include Forrester Research’s World Headquarters, The Smithsonian Astrophysical Institution, FogPharma, LifeMine Therapeutics, and Genocea Biosciences, Inc., as well as the new 150-room AC Marriot Hotel.
Bulfinch’s speculative development aims to fill the demand for Cambridge lab space. To date, 11 of the largest 15 biotechnology companies have a presence in Cambridge where vacancy rates are extremely tight due to strong demand for research and development space and limited supply.
The Developer/finance partnership was appreciated through a recent release. “Citizens’ Commercial Real Estate bankers are trusted longstanding advisors who deliver valuable advice and exceptional financial products,” said Eric Schlager, CEO of Bulfinch. “The Citizens team’s knowledge of the commercial real estate landscape is second to none and the close attention to detail that they brought to our transaction made for a seamless and timely execution. We are so pleased to have Citizens lead this opportunity and we look forward to expanding our relationship in the years ahead, added Schlager.”
“At Citizens, we try to think about the needs of our clients from their point of view and offer the best solutions,” said Gary Magnuson, Head of Commercial Real Estate Finance at Citizens Bank. “Leading construction loan financings so our developer clients can build projects, providing jobs and strengthening our growing communities, is just one of the ways that Citizens delivers substantial value.”Eric Schlager Gary Magnuson