$278m financing secured for Massachusetts life science development

A joint venture between CV Properties, Cannon Hill Capital Partners and L&B Realty Advisors has secured the $278 million construction financing for Boynton Gateway, a to-be-developed, nine-story, 334,000-square-foot life science facility in Somerville, Mass.

With a projected completion in third quarter 2024, Boynton Gateway will encompass office, research and development, lab, accessory tenant retail and newly landscaped public realm improvements. The project will accommodate cutting-edge labs, modern offices, innovative startups and arts/creative enterprises uses. Additionally, Boynton Gateway will offer ample parking between two below-grade parking levels and the existing garage adjacent to the property.

Boynton Gateway lies within Somerville’s Boynton Yards Overlay District, which provides zoning and density framework for the development of commercial and life science buildings. Boynton Yards is fast becoming the centerpiece of Somerville’s life science comm