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Suffolk Downs Lender Backs Somerville Lab Project

By Steve Adams | Banker & Tradesman Staff | Jul 12, 2019 | Reprints | Unlock Link

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Leggat McCall Properties

The lender behind the $155 million Suffolk Downs acquisition has made its second major deal in Greater Boston, furnishing a $140 million loan for a speculative office and lab building in Somerville.

Bank of the Ozarks provided construction financing on July 2 for the 9-story, 290,000-square-foot office and lab building at 101 South St. in the Boynton Yards neighborhood.

A joint venture of Boston-based Leggat McCall and DLJ Properties is partnering on the project, which is scheduled for completion in 2021. The completion date roughly coincides with the planned opening of the nearby Union Square station on the MBTA Green Line Extension.

Bank of the Ozarks made its first major investment in the region in 2017, providing $80 million in mortgage financing for HYM Investment Group’s $155 million acquisition of the Suffolk Downs racetrack property in East Boston and Revere.

B&T Daily