A joint venture between Anchor Line Partners and Alloy Properties has obtained new financing for The Core at Crosby, a technology and innovation campus in Bedford, MA situated along Boston’s Route 128 corridor. The campus consists of nine buildings and serves as a hub for office and life sciences users within the suburban Boston market.
The financing was provided by Berlin Hyp. In addition to the primary loan, Berlin Hyp has committed to make further loan proceeds available to the borrowers to support future leasing costs at the property. The structure allows the ownership to fund lease-up and tenant-related expenditures as they continue to attract and retain tenants at the campus.
Newmark advised the joint venture on the financing. A Newmark capital markets team led by co-head of U.S. Capital Markets Robert Griffin, together with Boston Debt & Structured Finance vice chairman David Douvadjian, Sr. and executive managing directors David Douvadjian, Jr. and Timothy O’Donnell, represented the borrower and arranged the debt. The Newmark professionals also procured the lender in coordination with Boston Capital Markets executive vice chairman Edward Maher and vice chairman Matthew Pullen. Financial analyst Harrison Zucco provided analytical support to the engagement.
Andrew Maher, co-founder and managing partner of Anchor Line, noted that tenant interest at The Core at Crosby continues to support the strategy of repositioning campus-style assets in the current environment. He said the owners, working with Alloy Properties, are focused on delivering flexible, high-quality life sciences environments designed to support companies as they expand.
The Core at Crosby totals 615,305 square feet across its nine buildings. The campus features a varied tenant roster anchored by the headquarters of software company AspenTech, which serves as a major occupant. The rent roll has recently been strengthened by a new lease with Lantheus, a radiopharmaceutical firm that has added to the property’s life sciences presence.
The combination of a large, multi-building footprint, established corporate headquarters tenancy and recent life sciences leasing activity positions The Core at Crosby as a notable example of an innovation-oriented office and life sciences campus along Route 128. The newly completed financing and the availability of additional loan funds for leasing costs provide the joint venture with balance sheet flexibility as it continues to manage the asset and pursue further leasing initiatives.
