HFF arranges financing for Center for Life Science

By Chris Reidy, Globe Staff

Holliday Fenoglio Fowler L.P., or HFF, said it has arranged $350 million in financing for the Center for Life Science | Boston, a roughly 700,000-square-foot research facility in the city's Longwood Medical Area.

Working on behalf of BioMed Realty Trust Inc., the center's owner, HFF's Boston and San Diego offices "placed the five-year, 7.75% fixed-rate loan with three lenders: John Hancock Life Insurance Company, TIAA-CREF, and Westdeutsche ImmobilienBank AG," HFF said in a press release.

HFF is a provider of commercial real estate and capital market services to the US real estate industry.

"Completed in 2008, the Center for Life Science | Boston is located at 3 Blackfan Circle, across from Harvard Medical School and directly connected to Children’s Hospital Boston and Beth Israel Deaconess Medical Center in the Longwood Medical Area of Boston," HFF said. "The property has 18 stories of laboratory and office space that is leased to Beth Israel Deaconess Medical Center, Children’s Hospital Boston, Dana-Farber Cancer Institute, Immune Disease Institute, and Kowa Company, Ltd. The property also includes a six-level, 750-space underground parking garage."

In May, a Globe story noted that Beth Israel Deaconess was taking steps to stem a projected $28 million loss this year. Hospital officials blame the projected loss on lower-than-expected funding from the National Institutes of Health and on its costly lease arrangement with the Center for Life Science.