Tishman Speyer has secured $750 million in financing for the first phase of the Harvard Enterprise Research Campus (ERC), a 900,000-square-foot mixed-use development it is undertaking in collaboration with the Harvard Allston Land Company.
The construction financing package, led by Otera Capital, is the largest reported in the United States to date in 2023. With all permits now secured, construction on the first phase of the ERC will begin next week, with buildings scheduled to open in late 2025 and early 2026.
The nine-acre first phase of the ERC, which was approved by the Boston Planning and Development Agency (BPDA) in July 2022 after an extensive community engagement process, will encompass two laboratory buildings devoted to scientific research and development, a 343-unit rental apartment building and a hotel. Tishma
