Allstate Lends $52M for University Park

CAMBRIDGE, MA-One of the region’s most protracted development initiatives is receiving a financial boost from Allstate Real Estate Investment Group, which is providing a $52 million leasehold mortgage loan for a portion of University Park at MIT. The 10-year loan was issued via Allstate’s Commercial Mortgage division to the 27-acre park’s co-owners, a partnership of Forest City Enterprises and the Massachusetts Institute of Technology.

Henderson

“Over the past 20 years, University Park has been transformed from blighted industrial buildings into a dynamic neighborhood centered around state-of-the-art research facilities,” notes Dave Henderson, senior portfolio manager for Allstate Real Estate. “We are pleased to be able to offer the customized financing needed to continue the growth and strengthen its reputation as a center for biotech and healthcare innovation.”

Allstate’s loan covers three assets in the complex, including a 101,000-sf office building, 68,000 sf of retail space and a 950-vehicle garage. University Park encompasses more than 2.3 million sf of office and research space, as well as a hotel, residential development and supermarket. It has emerged as the gateway to Cambridge’s Central Square.