The loan is one of the largest closed so far this year in the US. Credit: JLL/PRNewswire.

The first phase of Enterprise Research Campus, a mixed-use development in Allston, Massachusetts, US has secured a construction loan of $750m.

The funding was arranged on behalf of Tishman Speyer by JLL’s Capital Markets group.

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The development is situated near Harvard University and occupies a 900,000ft² area.

Led by Otera Capital, the construction financing represents one of the largest construction loans closed so far in the year-to-date 2023 in the US.

The first phase will feature a 345-unit residential building, a hotel, and Harvard University-operated conference centre.

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It will also include two Breakthrough Properties-developed advanced laboratory buildings. Breakthrough is a joint venture between Tishman Speyer and Bellco Capital.

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The development will also include street-level retail outlets, dining establishments, and open space spanning more than two acres designed for public events such as farmer’s markets, concerts, and outdoor fitness classes.

The campus occupies 9.4 acres adjacent to the Harvard Business School and Harvard Science and Engineering Complex in Allston, strategically positioned within the life science and innovation cluster.

JLL Capital Markets team is led by executive managing director Mike Tepedino, senior managing director Brett Paulsrud, managing director Geoff Goldstein, and associates Mike Shepard and Hugh Doherty, who represented the borrower in securing the loan.

Paulsrud said: “The location adjacent to Harvard’s campus provides a unique competitive advantage for ERC in one of the most coveted life science and biotech ecosystems.

“The project will not only attract the world’s most innovative companies but will also have direct access to the unparalleled talent pool generated by Harvard, MIT, and the many other prestigious institutions surrounding the area.”