Winchester Partners, a joint-venture of L+M Development
Partners, Twining Properties and the Goldman Sachs Urban Investment Group, has
closed on a $22 million loan for Winchester Works, a 143,000 s/f Class-A
technology and life sciences campus in New Haven’s Prospect Hill neighborhood
and across the street from Yale’s Science Hill.
The financing, a three-year floating rate loan originated by
Liberty Bank to finance the sponsors repositioning plan, was arranged by
Greystone Capital Advisors, led by Drew Fletcher and Steven Deck.
“Winchester Works is setting the pace for New Haven’s
growing biotech and life sciences community, and this loan will allow us to
further strengthen our position in the market,” said Jake Pine, Director at L+M
Development Partners. “Laboratory space in New Haven is in significant demand,
and we’re ready to welcome tenants right now. Thanks to our partners at
Greystone Capital Advisors and Liberty Bank for helping us keep the momentum
going at Winchester Works.”
The loan follows the partnership’s recent announcement that
biotechnology firm Halda Therapeutics will take 9,800 s/f of laboratory and
office space at Winchester Works. Halda plans to relocate to New Haven in the
first quarter 2021. Chris Ostop, Managing Director and John Cahill, Senior Vice
President at JLL, are the exclusive leasing agents for the Winchester Works
Built in 2012, the 145,000 s/f Class A office building at
115 Munson Street was the first new office building constructed in New Haven in
more than 20 years.
The building was formerly part of the Winchester Factory,
constructed in 1915 and gut-renovated in 2012 as a Class A Corporate
Headquarters. Winchester Office LLC purchased the property in late 2019 and is
in the process of preparing the building for life sciences tenants, overhauling
the entrance and lobby and revamping the rooftop amenity space.
Bank Mobile, a company which provides college students with digital checking accounts, has taken 34,000 s/f of space, while Transact Campus, a cashless campus technology company, is occupying 12,000 s/f.
The project is the first stage in the Winchester Center
master plan, which could eventually include the four remaining buildings and
four development sites in Science Park at Yale, all part of New Haven CT’s
former Winchester Factory that once employed 25,000 people. Winchester Center
could eventually include over 1,000 apartments, retail space and 500,000 square
feet of office and lab space.
“As New Haven’s life science industry experiences
unprecedented growth, we are excited to reinvent this Class A building into
state-of-the-art lab and office space specifically designed for companies in
this field,” said Alex Twining, CEO of Twining Properties. “Science Park at
Yale has become a unique hub for innovation and discovery, where biotech
businesses can grow and thrive. With its new and upgraded facilities, we know
that tenants will find what they need to be successful here at Winchester Works.”
“New Haven has evolved into an emerging biotech center, but
with that has come a growing need for cutting-edge laboratory and modern office
space,” said Drew Fletcher of Greystone Capital Advisors. “We are incredibly
excited to have represented Twining, L+M, and Goldman on this project as they
continue their push to redefine the landscape of downtown New Haven.”
“Our partnership with Winchester Works and the other project sponsors not only reaffirms our unwavering commitment and our expanding presence in New Haven but it endorses what many of us know when it comes to biotech and life sciences being an important growth sector for the city,” said Jeff Hubbard, Senior Vice President & Commercial Banking Regional Manager for Liberty Bank. “Together, with the strong backing of other project sponsors, our team worked side-by-side in an incredibly difficult time to deliver the resources necessary to create first-class, modern space for biotech and life science tenants while bolstering community development and promoting job growth in the City of New Haven.”
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