Newmark arranges $514m in construction financing for life-sciences tower in Somerville, Mass.
Newmark has arranged $514 million in construction financing for Phase I of Assembly Innovation Park, a 485,000-square-foot life-sciences tower under development by BioMed Realty in Somerville, Mass.
The financing for Phase I of Assembly Innovation Park is one of Greater Boston’s first “green loans.” Designed to achieve LEED Gold and WELL certifications, the 12-story asset and its associated parking garage will incorporate sustainable technologies, including a high-performance curtain wall, high-efficiency chilled water and exhaust air systems and a rooftop photovoltaic array. The project broke ground in January and is expected to be delivered in second quarter 2024.
“Life science has been a major driver of financing activity across Greater Boston in the past 18 months,” said David Douvadjian Sr., Newmark executive managing director. “Projects like Phase I at Assembly Innovation Park will enable the region to continue serving as one of the world’s most de