**Tishman Speyer Provides $25.2M Mezzanine Loan on Life Sciences Property at Arsenal Yards**
Tishman Speyer has completed a $25.2 million mezzanine loan for 500 Forge, a newly constructed Class A life science lab and office building in East Watertown, Massachusetts. The funding was extended to a joint venture led by Boylston Properties and institutional investors advised by J.P. Morgan Asset Management.
500 Forge is part of the growing Arsenal Yards campus and comprises approximately 162,000 square feet of modern lab and office space. This transaction represents Tishman Speyer’s first investment through its newly launched debt platform.
The mezzanine loan forms part of a larger $119.2 million refinancing package, which also includes a $94 million senior loan from Landesbank Baden-Württemberg (LBBW). The proceeds from the financing will primarily be used to repay the existing construction loan from 2021 and to cover leasing costs associated with a recent commitment from Mariana Oncology, a subsidiary of Novartis.
“Securing this refinancing in today’s challenging life science capital markets speaks to the strength of our asset, the caliber of our tenancy, and the long-term vision we share with our partners,” said Mark Deschenes, President of Boylston Properties. “We’re grateful for LBBW and Tishman Speyer’s partnership on this collaborative transaction and their shared belief in the lasting strength of this asset and the broader campus.”
500 Forge’s full lease-up and strong tenant profile underscore growing investor confidence in Greater Boston’s life sciences market, particularly amid ongoing capital market constraints.
