JLL Capital Markets successfully arranged a $150 million refinancing for Bedford Labs, a newly converted 288,000-square-foot Class A life sciences facility in Bedford, MA. The borrower, a joint venture between AEW Capital Management, Redgate and Optimum Asset Management was represented by JLL’s senior managing directors Brett Paulsrud and Tom Sullivan along with director Mike Shepard. The loan was secured from an affiliate of Apollo Global Management.
Previously used as a single-tenant office building, Bedford Labs has recently been repositioned into a state-of-the-art life sciences/R&D facility. It is currently fully leased to Sarepta Therapeutics under a long-term agreement. In addition to the existing building at 100 Crosby Dr., the site also allows for an additional 300,000 square feet of development.
Despite challenges faced by the life sciences market sector currently , top-tier borrowers with high-quality assets can still access debt capital according to Paulsrud: “The team at AEW,Capital Redgate and Optimum have shown their expertise in this niche market through their successful track record at Bedford Labs.”
