Innovative Industrial Properties commits $245 million mezzanine loan to IQHQ affiliates for Alewife Park campus
IIPR•Innovative Industrial Properties agreed to provide IQHQ affiliates a $245 million mezzanine loan for the Alewife Park life science campus in Cambridge, Massachusetts. About $111 million was funded at closing, with $134 million expected through the fourth quarter of 2027; the loan is expected to yield about 15.8%, subject to a 14% floor.
1. Loan terms and funding
The financing will support completion, lease-up, tenant improvements and stabilization of Phase I of the campus. The loan matures in February 2028 and includes a one-year extension option. Innovative Industrial Properties can buy the other mezzanine lender’s notes, increasing its investment by up to $155 million; funding is planned from cash and revolver borrowings.
