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JLL Capital Markets has arranged credit tenant lease (CTL) financing to support the development of a 200,000-square-foot laboratory and training facility for the Massachusetts State Police in Marlborough, MA. Senior managing director Brett Paulsrud, along with managing directors Andrew Gray and Michael George, represented the borrower, Greatland Realty Partners and its investment partners. The CTL loan was placed directly into the private placement bond market through the co-book running efforts of JLL Securities, LLC and Mesirow Financial.
The new four-story crime laboratory is designed as a purpose-built facility that will consolidate the Massachusetts State Police’s existing crime labs in Maynard and Sudbury into a single location. The project is fully leased to the Commonwealth of Massachusetts under a 20-year, triple-net (NNN) lease, providing a long-term occupancy commitment from a state-credit tenant. Construction is scheduled to begin imminently, with the opening targeted for the first quarter of 2028.
Located at 100 Martinangelo Drive in Marlborough, the property sits on a 24-acre site roughly 30 miles west of Boston. The location offers access to several major transportation corridors, including Interstates 90, 290 and 495, positioning the facility within a regional network that serves both the city and surrounding communities. The site was selected in part for its ability to accommodate new jobs and additional economic activity that the facility is expected to bring to Marlborough and nearby areas.
The transaction demonstrates ongoing capital markets engagement for mission-critical, government-backed facilities, particularly when paired with long-term NNN lease structures. By utilizing a CTL structure and placing the loan into the private placement bond market, the parties aligned a stable, long-duration lease with investor demand for fixed-income exposure to investment-grade public-sector tenants.
For Greatland Realty Partners and its investment partners, the financing secures a path to deliver a specialized public-safety facility while leveraging the strength of the Commonwealth of Massachusetts as the single tenant. For the Massachusetts State Police, the consolidated facility is expected to modernize and centralize laboratory and training functions currently split across multiple locations, while maintaining connectivity to the broader Boston metro area.
The post JLL Arranges CTL Financing for Massachusetts State Police Lab and Training Facility in Marlborough appeared first on CRE Market Beat.
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