WATERTOWN, MA– Tishman Speyer has announced the closing of a $25.2 million mezzanine loan to support the refinancing of 500 Forge, a state-of-the-art life science lab and office development located within the vibrant Arsenal Yards campus in East Watertown, Massachusetts.
The financing was provided to a joint venture led by Boylston Properties and institutional investors advised by J.P. Morgan Asset Management. The mezzanine loan complements a $94.0 million senior loan from Landesbank Baden-Württemberg (LBBW), with proceeds primarily used to retire a 2021 construction loan and fund leasing costs tied to a recently secured lease with Mariana Oncology, a subsidiary of Novartis.
The transaction marks the first investment from Tishman Speyer’s newly launched real estate debt platform, which is targeting institutional-quality projects across major U.S. cities. The platform is designed to fund a wide array of commercial real estate opportunities, including mezzanine loans, preferred equity, construction financing, and loan portfolio acquisitions.
“The refinance of 500 Forge illustrates the value proposition Tishman Speyer brings to real estate debt investing,” said Randall Rothschild, Senior Managing Director at Tishman Speyer. “We leveraged our deep market expertise and broad lender relationships to meet the capital needs of a standout life science asset.”
500 Forge, completed in 2023, spans approximately 162,000 square feet and is now fully leased to a high-profile roster of life science tenants, including Mariana Oncology, Orna Therapeutics, and AvenCell Therapeutics. The three-story building offers advanced lab and office space, outdoor balconies, covered parking, and ceiling heights ranging from 15 to 18 feet.
“Securing this refinancing in today’s challenging life science capital markets speaks to the strength of our asset, the caliber of our tenancy, and the long-term vision we share with our partners,” said Mark Deschenes, President of Boylston Properties. “500 Forge is a cornerstone of our growing life science campus at Arsenal Yards.”
Located on the edge of West Cambridge and Allston, 500 Forge benefits from proximity to some of the region’s premier research institutions, venture capital firms, and a highly skilled workforce. It is part of the broader Arsenal Yards campus — a mixed-use, innovation-driven environment offering over 1 million square feet of labs, offices, retail, restaurants, and wellness amenities.
Tishman Speyer’s move into real estate debt complements its existing footprint in the Boston life science sector. The company is currently developing the Harvard Enterprise Research Campus in Allston and previously delivered The 105, a fully leased life science project developed through Breakthrough Properties, its joint venture with Bellco Capital. Breakthrough Properties also owns additional sites in Boston, including 232 A Street and One Canal in East Cambridge.
The refinancing of 500 Forge was arranged by JLL Capital Markets’ Debt Advisory team, including Brett Paulsrud, Henry Schaffer, and Geoff Goldstein.
