JLL secures $585m financing for mixed-use development in Boston

King Street Properties, Brookfield and Mugar Enterprises have received $585 million in construction financing for a mixed-use project consisting of 580,905 square feet of life-sciences, retail and multi-housing space in Boston.

JLL Capital Markets Group worked on behalf of the joint venture.

Once completed, Allston LabWorks will consist of 534,000 square feet of lab space; 20,000 square feet of retail space; 35 multi-housing units, 26 percent of which will be affordable; as well as a 12,000-square-foot public plaza with an additional 5,000-square-foot landscaped open space and 668 garage parking spaces.

The project, which is located on 4.27 acres at 250, 280 and 305 Western Ave., is adjacent to Harvard University’s 350-acre Allston campus, which is home to the newly opened John A. Paulson School of Engineering and Applied Sciences. Given its proximity to Harvard's investment in the neighborhood, the property is well-positioned to capture the neighborhood’s g