AEW, Redgate, and Optimum JV secure $150m for Boston-area life sciences building

A joint venture between AEW Capital Management, Redgate and Optimum Asset Management has secured $150 million in refinancing for Bedford Labs, a 288,000-square-foot, newly converted, class A life sciences facility in Bedford, Mass.

JLL worked on behalf of the borrower to secure the loan from an affiliate of Apollo Global Management.

Bedford Labs was recently repositioned from a single-tenant office building into a state-of-the-art life sciences/R&D facility and is fully leased to Sarepta Therapeutics, a commercial-stage biopharmaceutical company that focuses on rare genetic diseases, under a long-term agreement. In addition to the existing building, the site also allows for an additional 300,000 square feet of development, which can accommodate further expansion needs of Sarepta and/or other market tenants.

Located on 52 acres at 100 Crosby Dr., the property is approximately 20 miles from downtown Boston and has convenient access to Route 3 and Interstate 95