Thorofare Capital has provided a $50.5 million bridge loan to refinance Cambridgeport Labs, a pair of newly modernized, Class A life sciences buildings located in East Cambridge, Massachusetts. These properties are both LEED- and WELL-Certified, underscoring their sustainability and wellness standards.
The loan was arranged by Andrew Kim, director of originations at Thorofare, on behalf of a joint venture between Barings and Greatland Realty Partners. Jacob Yi served as the credit professional for the deal, with Keegan Mehlhorn of Greatland Realty and Taylor Johnson of Barings representing the borrowers in-house.
“Thorofare had an opportunity to provide financing at an attractive loan basis and leverage point to a premier institutional sponsor with local operating expertise,” said Kim. “The asset was a fully redeveloped, brand new Class A life sciences facility that was recently delivered in move-in-ready condition, with significant equity invested to date.”
The properties, located at 99 Erie Street and 167 Sidney Street, are situated near the Massachusetts Institute of Technology’s main campus and comprise a total of 56,351 square feet. Originally acquired in September 2022, the assets underwent a major renovation, completed in the fourth quarter of 2024.
The new financing will support an equity recapitalization, tenant improvements, leasing commissions, good news earn-out provisions, and carrying costs.
