PROVIDENCE, RI – Citizens Bank announced that the Citizens Commercial Real Estate Finance team is leading a $150 million construction loan for Bulfinch, a Boston based commercial real estate and investment firm, to build a new 270,000 square-foot lab building and 383 space standalone garage at Cambridge Discovery Park (CDP) in Cambridge, MA. Citizens is the sole lead arranger and administrative agent.
A longtime Citizens client, Bulfinch is an entrepreneurial, value-add real estate investment firm specializing in the development, acquisition, management and repositioning of commercial properties in Greater Boston. Since inception in 1936, Bulfinch and its affiliates, have developed, acquired and repositioned more than $1 billion of commercial real estate.
Building 400-500 is a Class A, six-story, LEED registered life sciences building. The property will offer large floor plates with 100 percent laboratory compatible space and feature two separate bases with two distinct lobbies, connected on the third floor and above. Building amenities include a fitness center, full-service cafeteria, outdoor patio, roof deck and bicycle storage area.
Building 400-500 is situated in the highly desirable Cambridge Discovery Park (CDP). CDP is a 27-acre master-planned redevelopment located in West Cambridge’s Biotech Mini Cluster and 1,600 feet from the MBTA’s Alewife Station and in close proximity to Cambridge’s Fresh Pond Shopping Area that includes: Whole Foods, Chipotle, Starbucks, Bon Me, CVS, Trader Joe’s, Dunkin Donuts, among others.
Building 400-500 is the last phase of Bulfinch’s master-planned redevelopment totaling nearly 800,000 square-feet of lab, office and amenities. Existing CDP occupants include: Forrester Research’s World Headquarters, The Smithsonian Astrophysical Institution, FogPharma, LifeMine Therapeutics, and Genocea Biosciences, Inc., as well as a brand new 150 room AC Marriot Hotel.
Bulfinch’s speculative development aims to fill the demand for Cambridge lab space. To date, 11 of the largest 15 biotechnology companies have a presence in Cambridge where vacancy rates are extremely tight due to strong demand for research and development space and limited supply.
“Citizens’ Commercial Real Estate bankers are trusted longstanding advisors who deliver valuable advice and exceptional financial products,” said Eric Schlager, CEO of Bulfinch. “The Citizens team’s knowledge of the commercial real estate landscape is second to none and the close attention to detail that they brought to our transaction made for a seamless and timely execution. We are so pleased to have Citizens lead this opportunity and we look forward to expanding our relationship in the years ahead.”
“At Citizens, we try to think about the needs of our clients from their point of view and offer the best solutions,” said Gary Magnuson, Head of Commercial Real Estate Finance at Citizens Bank. “Leading construction loan financings so our developer clients can build projects, providing jobs and strengthening our growing communities, is just one of the ways that Citizens delivers substantial value for our clients.”
Citizens is a trusted strategic and financial advisor, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.