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PGIM Real Estate has provided $58 million in fixed-rate financing on behalf of its core lending strategy to Oxford Properties Group (Oxford) for 92 Crowley, a life science facility in the process of being completed, located in Marlborough, Massachusetts. PGIM Real Estate is the real estate investment and financing business of PGIM.
92 Crowley is a 120,000-square-foot, two-story facility featuring six Good Manufacturing Practice (GMP) work cells. These work cells are roughly equal in size and layout and will feature typical GMP systems, including specialized HVAC, clean compressed air, comprehensive nitrogen/PH systems, and multiple utility feeds.
92 Crowley was acquired by Oxford through a sale-leaseback transaction with the tenant, National Resilience, a contract development, and manufacturing organization specializing in cell therapies, gene therapies, nucleic acids, and vaccines for customers and partners.
"PGIM Real Estate is excited to expand our relationship with Oxford by financing another of the company's life science investments, as well as to support the implementation of Resilience's vision, which will be among the most advanced manufacturing platforms in the industry," said Tom Goodsite, Managing Director at PGIM Real Estate who led the financing on the firm's behalf. "Our firm's ability to provide financing for high-quality opportunities during a period of continued market volatility demonstrates our strong position, and we look forward to continuing to provide creative solutions for our clients."
