T
ishman Speyer has closed a $25.2 million mezzanine loan to support the refinancing of 500 Forge, a cutting-edge life science lab and office development in East Watertown's Arsenal Yards campus. 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 million senior loan from Landesbank Baden-Württemberg, used primarily to retire a 2021 construction loan and fund leasing costs tied to a lease with Mariana Oncology, a Novartis subsidiary. This transaction marks the first investment from Tishman Speyer's newly launched real estate debt platform, targeting institutional-quality projects across major U.S. cities.

    500 Forge, completed in 2023, spans approximately 162,000 square feet and is fully leased to prominent life science tenants, including Mariana Oncology, Orna Therapeutics, and AvenCell Therapeutics. The building offers advanced lab and office space, outdoor amenities, and high ceilings.

    "This refinancing demonstrates Tishman Speyer's value proposition in real estate debt investing," said Randall Rothschild, Senior Managing Director at Tishman Speyer. "We leveraged our expertise to meet the capital needs of a standout life science asset."

    Located near West Cambridge and Allston, 500 Forge benefits from proximity to premier research institutions, venture capital firms, and a skilled workforce. It is part of the Arsenal Yards campus, a mixed-use innovation 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 Boston life science footprint. The company is developing the Harvard Enterprise Research Campus in Allston and previously delivered The 105, a fully leased life science project developed through Breakthrough Properties.