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July 13, 2021

Developer secures $180M loan for downtown project 

A rendering of the new building under construction at 101 College St., New Haven. IMAGE | CONTRIBUTED
By Michelle Tuccitto Sullo

The developer behind the new life science tower being built at 101 College St. in New Haven has secured a $180 million construction loan for the project.

CBRE Group Inc., a Dallas-based commercial real estate services and investment firm, announced it arranged the financing for the development.

Construction on the 101 College St. project began in June. Massachusetts-based developer Carter Winstanley’s new 10-story tower will have roughly 500,000 square feet of laboratory, research and meeting space. 

The tower, which will take about two years to build, has already attracted tenants ‒ including Yale University and bioscience company Arvinas. BioLabs of Cambridge, which manages co-working space for life science startups, will run a new Yale-backed incubator in the building.

According to CBRE, a “large commercial bank” led the origination, with significant participation from Waterbury-based Webster Bank.

Bailey Hall, a senior communications specialist with CBRE, said CBRE could not disclose the name of the large commercial bank involved in the financing.

A CBRE team comprised of Heather Brown, Robert Borden and Grace Keating arranged the financing for Winstanley Enterprises and Harrison Street, a Chicago-based investment management firm. 

Borden, senior vice president with CBRE, said the new tower continues to build on New Haven’s growing life sciences cluster.

“Winstanley’s continued commitment to the city and the significant investment by a world-class institutional investor such as Harrison Street, which has substantial life sciences expertise, are testaments to the quality of the project,” Borden said in the announcement.

Winstanley said 101 College St. is an “important next step” in Winstanley Enterprises’ long-term commitment to New Haven.

Mark Burkemper, senior managing director and head of North American transactions at Harrison Street, said the firm is pleased to partner with Winstanley.

“The transaction reflects Harrison Street’s commitment to supporting the life sciences sector,” Burkemper said. 

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.

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