News release

Booming Boston life sciences demand supports $246M construction loan

JLL Capital Markets led financing efforts for 808 Windsor, a 353,000-square-foot lab development located in the Boynton Yards neighborhood of Somerville

December 22, 2021

Kristen Murphy

Capital Markets, Hotels & Hospitality and Value & Risk Advisory PR
+1 617 848 1572

BOSTON, Dec. 22, 2021 – JLL Capital Markets announced today that it has arranged $246 million in construction financing for 808 Windsor, a to-be-built, state-of-the-art life sciences development totaling 353,000 square feet in Somerville, Massachusetts.

JLL worked on behalf of the borrower, a partnership between Leggat McCall Properties, DLJ Real Estate Capital Partners and Deutsche Finance America, to secure the five-year loan through Bank OZK.

The 808 Windsor development will consist of an 11-story, state-of-the-art facility that will offer 346,000 square feet of lab space, 7,000 square feet of retail and 242 below-grade parking spaces. The property is part of the developer’s Boynton Yards Master Plan, which is currently programmed for up to 1.35 million square feet of development and is home to 101 South St., the first project within the master plan to be completed this year. The life science space at 101 South St. is fully leased to four life sciences companies within Flagship Pioneering’s portfolio.

808 Windsor is positioned adjacent to the newly developed Union Square MBTA Green Line Station, which is expected to open in Q1 2022, and less than one mile from Cambridge’s Kendall Square, which is the epicenter of Greater Boston’s life sciences industry. In addition, the property is close to Harvard University, MIT and the MBTA Orange and Green line service providing access into downtown Boston and the surrounding area. Greater Boston remains the top life sciences market in the world and continues to see record investment into the sector along with strong interest from both domestic and international investors.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Brett Paulsrud and Director Henry Schaffer.

“On the heels of the success of 101 South, 808 Windsor is poised to be the bellwether asset of Boynton Yards with its sharp façade and seamless integration into the landscape,” said Schaffer. “We’re thankful to be able to work alongside such a talented development team to secure a capitalization structure that meets their objectives and expands their relationship with a prolific lender in Bank OZK.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Leggat McCall

Founded in 1965, Leggat McCall Properties is a leading real estate owner, developer and service provider to corporate, educational, healthcare and other clients in the Greater Boston Area.  Over the past 10 years, LMP has had a leadership role in over 42 million square feet of project development, representing more than $10 billion of investment. The company has executed on 15 projects over $200 million, 50 over $50 million, and has also developed or acquired approximately $3 billion in assets as principals, including research and life science, mixed-use, office, and residential properties. The firm has a dominant presence in the rapidly growing life sciences, higher education and healthcare industries and serves many of the area’s top universities, healthcare systems and biotech companies, including Novartis Institutes for BioMedical Research, Draper, Harvard University, Massachusetts Institute of Technology and Brigham & Women’s Hospital.  

About DLJ Real Estate

DLJ Real Estate Capital Partners is an independent real estate investment management firm focused on acquiring assets in gateway neighborhoods of major US cities. DLJ RECP invests in real estate assets that are positioned to become high quality, engaging and resilient properties, and manages those assets with a hands-on approach to create and enhance value on behalf of investors. DLJ RECP was established in 1995. DLJ RECP's team benefits from investment professionals who have worked together for 15 to 20+ years. 

About Deutsche Finance America

Based in Denver, Colorado, Deutsche Finance America is the US real estate private equity platform of the Munich, Germany-based Deutsche Finance Group. DFA invests in targeted assets in top US gateway markets, including New York, Boston, Chicago, San Francisco, Miami and Los Angeles, and across all property types, with a focus on multifamily, luxury residential, student housing, core office and life science/lab office development. DFG is a leading global investment management firm active since 2005 with over $10.6B of assets under management ($5.5B in the US through DFA).  With 150 employees and offices in Munich (global headquarters), London, Denver (US headquarters with 13 employees), Zurich, Madrid and Luxembourg, Deutsche Finance Group specializes in private market investments in real estate and infrastructure. Deutsche Finance Group is privately owned and individual companies in the group are regulated by the Federal Financial Supervisory Authority of Germany, BaFin. To learn more, visit

Bank OZK

Bank OZK (NASDAQ:OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Established in 1903, Bank OZK conducts banking operations through 248 offices in eight states including Arkansas, Georgia, Florida, North Carolina, Texas, New York, California and Mississippi and had $26.1 billion in total assets as of September 30, 2021.  Bank OZK can be found at and on Facebook, Twitter and LinkedIn or contacted at (501) 978-2265 or P.O. Box 8811, Little Rock, Arkansas 72231-8811. NMLS #464037. Member FDIC.