February 2, 2021
JLL has protected building and construction financing for two jobs in the Union Square community of Somerville. The tasks are nearby to the new MBTA Union Square Environment-friendly Line station and consist of a roughly 194,000-square-foot, life sciences and laboratory facility and a nearby 450-unit residential tower as well as mid-rise structure.
The two projects note the very first stage of the Union Square Revitalization (USQ) master strategy, which will eventually provide nearly 2.4 million square feet of blended usages to the location. The jobs are also much less than a mile from the Massachusetts Institute of Modern Technology and also Kendall Square.
Daniel Kaufman, Frederic Wittmann as well as Brett Paulsrud of JLL safeguarded financing on behalf of the customer, a joint endeavor in between associates of Magellan Development Group, RAS Growth, Cypress Equity Investments as well as USAA Realty, to secure the growth financing. The lender was Financial institution OZK.
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