Tishman Speyer Lands $750M for Mixed-Use Project Near Harvard

A $750 million package arranged by JLL’s Capital Markets group represents one of the country’s largest construction loans closed so far this year. It will help to initiate delivery for a mixed-use development, Enterprise Research Campus, in Allston, Mass., near Harvard University, bringing together staff from various professions. JLL worked on behalf of developer Tishman Speyer to secure the construction financing led by Otera Capital.

The initial building will feature a 345-unit multi-housing building, a hotel, conference center that Harvard will operate and two laboratory buildings that Breakthrough Properties will develop. Those will represent a joint venture between Tishman Speyer and Bellco Capital. 

According to Harvard’s site, the property will become a non-institutional center for innovation, collaboration and entrepreneurship within Boston and the region. The land on which it will be built was an industrial rail yard and will be transformed also into a green, pedestrian-friendly area, bringing together both business, research and people from different professions.

For its retail component, the phase will include multiple street-level shops and restaurants. And it will also deliver what’s become increasingly popular—open space to offer users the benefit of fresh air, greenery and nature on more than two acres that host public events such as farmers’ markets, concerts and fitness classes. 

Altogether, the emerging Allston development will cover 9.4 acres, adjacent to the Harvard Business School and Harvard Science and Engineering Complex and at the nexus of a prominent life sciences and innovation cluster.

The JLL Capital Markets team representing the borrower was led by a team including Executive Managing Director Mike Tepedino, Senior Managing Director Brett Paulsrud, Managing Director Geoff Goldstein and Associates Mike Shepard and Hugh Doherty. 

“Dynamic mixed-use projects have continued to demonstrate significant outperformance and liquidity,” Goldstein says in prepared remarks.