Clear for take-off.
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“Another proposed life sciences building in Somerville has attracted financing to begin construction.
JLL Capital Markets said Monday it has arranged $230 million in financing to Oxford Properties Group on behalf of DLJ Real Estate Capital Partners, Leggat McCall Properties and Deutsche Finance America.
The former Sav-Mor Liquors site is proposed as the site for a nine-story building totaling 262,000 square feet of space to accommodate companies looking to be near the life sciences hub in Kendall Square about a mile away.
The site at 15 McGrath Highway is familiar both to passersby who knew the former Sav-Mor site for its creative marquees and to the real estate world for its location between two sites that are already bringing new labs to the area: Boynton Yards in Somerville and Cambridge Crossing, which abuts the Somerville line in Cambridge.
Leggat McCall Properties and DLJ Real Estate Capital Partners have also teamed up to build Boynton Yards, three planned life science buildings
just south of Union Square in Somerville, whose first phase opened last year
The project, which won
city permitting approval in March, is scheduled for completion in late 2024.”