Updated Oct 12, 2026
BioMed Realty Secures $683.1M Mortgage From Sumitomo Mitsui Banking Corporation
585 Third Street
$683,129,325
Building Size
—
Asset Type
Life Sciences
Closing
May 13, 2024
About this deal
AI
Located at 585 Third Street in Cambridge, MA, the life science asset involved in the transaction is a forthcoming 16-story lab owned by Timothy M. Schoen's BioMed Realty. The property will house a 600,000-square-foot space, with Takeda already committed to leasing.
Summary of transaction details:
- Property Type: Life Science
- Transaction Amount: $683,129,325
- Lender: Sumitomo Mitsui Banking Corporation (SMBC)
- Landlord: Timothy M. Schoen - BioMed Realty
- Market: Cambridge, MA
BioMed Realty secured a substantial $683.1 million mortgage from Sumitomo Mitsui Banking Corporation for the development of the 16-story lab. The deal highlights the partnership between the borrower, BioMed Realty, and the lender, SMBC, showcasing the significant financial transaction that underpins the growth of the life science property at 585 Third Street.
On the Map
$683,129,325
Life Sciences
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Cambridge Life Sciences Market Snapshot
Boundary boundary · Life Sciences · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93