A new mixed-use life science campus that includes housing and retail will be a welcome addition to Boston’s expanding lab market.

JlL has secured $585M in financing for the construction of a 580,905sq ft development in Boston’s Allston neighbourhood. Allston LabWorks, located on 4.27 acres at 250, 280 and 305 Western Ave., will be comprised of life sciences, retail and multi-housing space. Once the project is complete, it will feature 534,000sq ft of lab space; 20,000sq ft of retail space; 35 multi-housing units, 26 per cent of which will be affordable. It will also include a 12,000sq ft public plaza with an additional 5,000sq ft landscaped open space and 668 garage parking spaces.

JLL worked on behalf of the borrower, a joint venture between King Street Properties, Brookfield and Mugar Enterprises, to secure the four-year, floating-rate loan through an institutional debt fund. The JLL Capital Markets team representing the borrower was led by Managing Director Greg LaBine and Director Amy Lousararian.

“This is just the first of many deals that will combine the institutional capital base of Brookfield with the exceptional development capabilities and successful track record of the King Street team,” said LaBine. “This project will be good for the neighbourhood, the tenants and the capital markets participants and the JLL team was excited to play a role.”