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CT developers secure $180M construction loan for new life science facility

CBRE arranged a $180 million financing for the development of a state-of-the-art life sciences facility at 101 College Street in New Haven, Connecticut by Harrison Street and Winstanley Enterprises.

A large commercial bank led the origination with significant participation from Webster Bank.

Arvinas, a biotech company focused on cancer treatments, will be leasing three of the 10 floors at 101 College Street, which is part of the Downtown Crossing revitalization project near the Yale School of Medicine and Yale-New Haven Hospital. Other tenants of the 525,000 s/f property will include Yale and BioLabs.

A CBRE team comprised of Heather Brown, Robert Borden and Grace Keating arranged the financing on behalf of Harrison Street and Winstanley Enterprises.

“The new facility at 101 College Street continues to build on the growing life sciences cluster in New Haven driven by the Yale ecosystem,” said Borden.

Carter Winstanley, a principal at Winstanley Enterprises, who is leading the 101 College project said, “We are thrilled to commence the 101 College Street project and that Arvinas has selected this building for their new headquarters. Arvinas’s exciting pipeline of therapies targeting oncology and neurodegeneration represents the type of groundbreaking research being done in Connecticut and New Haven, and we look forward to supporting their continued growth.

“We are also honored that Yale has made a significant commitment within the building to continue its cutting edge discovery and innovation work, and that BioLabs selected our building and New Haven for their next life sciences co-working space. ”  

Mark Burkemper, Senior Managing Director and Head of North American Transactions at Harrison Street, said, “We are pleased to partner with Winstanley, an experienced biotech developer dedicated to supporting New Haven’s burgeoning life sciences ecosystem, and contribute to Yale University’s efforts to develop a high-quality, competitive life sciences community in New Haven. ”

101 College Street represents the fourth large-scale life sciences project in New Haven for Winstanley, which has been investing in the city for more than two decades. Harrison Street has invested over $41 billion in real assets since inception and is strategically focused on life sciences, investing over $9.6 billion within life sciences and medical office space in North America and the UK.

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