The development team behind Vertex Pharmaceuticals' major new Seaport research center has closed on financing to move forward with construction.
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The development team led by Related Beal secured part of its financing from a $280M loan from Santander Bank, Banker & Tradesman first reported. The financing comes as the development team prepares to break ground on the 345K SF life sciences development known as Innovation Square Phase III.
“Related Beal is thrilled to enter the construction phase of the development of ISQ3 and work with an incredible team of partners, lenders, and one of the world’s most influential biotech leaders, Boston’s own Vertex Pharmaceuticals,” Related Beal Executive Vice President Stephen Faber said in a release. “We are thankful to move forward with such a unique project, and we are excited to soon put shovels in the ground.”
In April, the Boston Real Estate Inclusion Fund, one of the partners on the project, placed an offering on the crowdfunding platform Small Change for a $3.75M equity stake in the project. As of Thursday, the offering has raised $1M from 13 investors.
“This project is a tremendous opportunity to welcome women and minority investors to help close the wealth gap in Boston,” BREIF partner Richard Taylor said in the release. “Moreover, expanding exposure and interest in biotechnology to a wider range of people reinforces the strength of the Boston economy.”
Along with Related, the development team consists of Mitsui Fudosan America, Vertex, Kavanagh Advisory Group and BREIF. The team also received financing from Ullico, LBBW and Washington Capital.
Newmark assisted Related Beal in securing the financing for ISQ3.
Vertex signed a full-building lease at the development in May 2022, marking the second building the company plans to move into at Related Beal's Innovation Square campus. The biotech company occupies 269K SF at 6 Tide St., across the street from the new development.
When complete, the building will be the first LEED Platinum and net-zero carbon life sciences building in the city, the team said in the release.
Vertex has a strong presence in the Seaport, with another two-building, 1.1M SF lease at Fan Pier, which serves as its headquarters. The biotech company has shown interest in moving its headquarters to another location in the neighborhood, The Boston Globe reported.
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