JLL Capital Markets successfully arranged a $150 million refinancing for Bedford Labs, a newly converted Class A life sciences facility in Bedford, MA. The 288,000-square-foot property was repositioned from a single-tenant office building and is now fully leased to Sarepta Therapeutics under a long-term agreement. JLL’s team of senior managing directors Brett Paulsrud and Tom Sullivan, along with director Mike Shepard worked on behalf of the borrower – a joint venture between AEW Capital Management, Redgate and Optimum Asset Management – to secure the loan from an affiliate of Apollo Global Management.
Located at 100 Crosby Dr., Bedford Labs also has potential for future development with an additional 300,000 square feet available on site. Despite challenges in the current life sciences market landscape, debt capital remains accessible for high-quality assets held by top-tier borrowers. According to Paulsrud: “The AEW team’s expertise in this niche sector is evident through their successful track record at Bedford Labs.”
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