New England Construction

Dedicated to the people who make our built environment better and safer. We tell your stories and celebrate your successes.

Register with us and receive industry news and content only available to subscribers.

Subscribe

Contacts

Indianapolis, IN, USA (HQ)

903 E. Ohio St., Indianapolis, IN 46202

Call: (317)423-2325

info@acppubs.com

Newmark Arranges $514M in Construction Financing for Phase I of Assembly Innovation Park in Somerville, Massachusetts

SOMERVILLE, MA — Newmark announces the arrangement of $514 million in construction financing for Phase I of Assembly Innovation Park, a 485,000-square-foot life science tower that is under development by BioMed Realty in Somerville, Massachusetts.

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 2022 and is expected to deliver in the second quarter of 2024.

"Life science has been a major driver of financing activity across Greater Boston in the past 18 months," said Newmark Executive Managing Director David Douvadjian, Sr. "Projects like Phase I at Assembly Innovation Park will enable the region to continue serving as one of the world's most desirable destinations for cutting-edge laboratory, research, and biotechnology firms."

The financing for Phase I of Assembly Innovation Park is among over $4 billion in recent and active life science transactions by Newmark's Boston Debt & Structured Finance group.

"Our life science activity spans construction and conversion projects across multiple submarkets in Greater Boston," said Newmark Executive Managing Director Timothy O'Donnell. "We work closely with Newmark's Boston Capital Markets group, which has overseen the sale of properties including Assembly Innovation Park and 601 Congress, to provide our clients with a truly synergistic menu of services."

Volvo CE
Your local Volvo Construction Equipment dealer
Tyler Equipment
SITECH
Your local Trimble Construction Division dealer
SITECH Northeast
Leeboy - Pavers/Asphalt
Your local LeeBoy dealer
Ambrose Equipment
SITECH
Your local Trimble Construction Division dealer
SITECH Northeast
Leeboy - Pavers/Asphalt
Your local LeeBoy dealer
Ambrose Equipment
Case  - CE
Your local Case Construction Equipment Inc dealer
Beauregard Equipment
Monroe Tractor