Innovative Industrial Properties commits $245 million mezzanine loan for IQHQ’s Alewife Park campus
IIPR•Innovative Industrial Properties entered definitive agreements to provide a $245 million mezzanine loan for IQHQ’s Alewife Park life science campus in Cambridge, Massachusetts. About $111 million was funded at closing, with the remaining $134 million expected to fund through Q4 2027, subject to conditions.
1. Loan commitment
The loan proceeds will support completion, lease-up, tenant improvements and stabilization of Phase I of the 27-acre campus. About $111 million was funded at closing, including repayment of an existing $85 million bridge loan; the remaining $134 million is expected to fund through Q4 2027, subject to draws and funding conditions. The loan matures in February 2028, has a one-year extension option and an expected interest rate of about 15.8%, with a 14% floor.
