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101 College: Hello, "permanent financing."
The owner of the new bioscience tower at 101 College St. has received a five-year, $138 million loan from Bank of America, as the project moves from construction to permanent financing — and is reportedly just about all leased up.
101 College Street LLC — an affiliate of the Massachusetts-based developer Winstanley Enterprises — recorded that mortgage loan on the city land records database on Tuesday.
The loan has a principal amount of $138 million, and a maturity date of Aug. 1, 2030.
At the same time, 101 College Street LLC also filed three separate “subordination, non-disturbance and attornment” agreements with three of the building’s primary tenants — Alexion Pharmaceuticals, Yale University, and BioLabs New Haven LLC. The company filed still a fourth document, a “notice of collateral assignment of parking agreement,” with the city’s parking authority, in regards to an agreement to lease spaces at the Temple Street Garage and Air Rights Garage.
All five of these documents concern the 10-story, 500,000 square-foot life science research and office building at 101 College St., which opened in 2024 after almost two years of construction.
The building was built by, and is still owned by, an affiliate of Winstanley Enterprises, which also developed and owns the 100 College St. lab-office building right across the street.
“Following the completion of 101 College Street, we commenced a marketing to refinance the construction loan that generated significant interest from a wide range of lenders,” Winstanley Enterprises Chief Financial Officer Demian Gage told the Independent about this new $138 million loan from Bank of America. “The permanent financing that we closed on last week reflects our long-term investment horizon for the building and New Haven.”
Should New Haveners expect to see any major new changes to the property in the near future now that the landlord has landed this loan? And roughly what percentage of the building is currently occupied by tenants?
“There will not be any significant near-term changes based on the work that we have already completed at the building,” Gage replied. “While buildout continues within tenant spaces the building is close to fully leased.”
The Independent swung by 101 College St. Thursday morning to take a look at the new building and see which businesses and Yale departments are currently renting space there. The facility manager refused to let this reporter look at an office directory and otherwise declined to comment on the latest with the building, telling this reporter instead to talk to the property’s owner.
Some of 101 College’s other tenants include Yale University, Alexion Pharmaceuticals, and BioLabs New Haven, the latter of which has partnered with the city and New Haven Public Schools (NHPS) to set up new “BioCity” classrooms at the biotech hub. The building has also hosted award ceremonies by the life sciences trade organization BioCT.