October 18, 2022 1:00 PM
Newmark announces the arrangement of financing for Riverside Labs, a life science and innovation campus that is under development in Weston, Massachusetts. Newmark Executive Managing Directors David Douvadjian, Sr. and Timothy O’Donnell, Senior Managing Director Brian Butler, Managing Director David Douvadjian, Jr. and Associate Conor Reenstierna of the firm’s Boston Debt & Structured Finance group, led by Co-Head of U.S. Capital Markets Robert Griffin, represented the borrower, Greatland Realty Partners and Rockwood Capital, LLC, and procured the lender, Royal Bank of Canada. The financing is part of a total commitment of up to $150 million in financing from Royal Bank of Canada for the project.
Totaling approximately 340,000 rentable square feet, Riverside Labs will comprise three buildings known as 9, 15 and 20 Riverside and include full-service amenities as well as a mix of covered, surface and garage parking. The campus’ first building will be ready for tenant occupancy in summer 2023.
“Riverside Labs has experienced exceptional leasing demand in recent months,” said O’Donnell. “This activity is a testament to its premier sponsorship, transformative vision for a modern life science campus and unrivaled access and visibility in a burgeoning laboratory cluster.”
Riverside Labs is situated less than 15 miles from Boston and Cambridge at the junction of Interstates 90 (Massachusetts Turnpike) and 95 (Route 128). It benefits from transit connectivity via proximity to the MBTA Green Line’s Riverside station and the MBTA commuter rail’s Auburndale station.
Newmark Financial Analyst Harrison Zucco provided financial analysis support for the transaction. The financing is the latest among $4+ billion in life science transactions that are currently underway or have been completed in the past 24 months by Newmark’s Boston Debt & Structured Finance group.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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