A cannabis real estate trust has agreed to finance a Cambridge lab campus at an expected interest rate of 15.8 percent.
Innovative Industrial Properties, of San Diego, agreed to a $245 million mezzanine loan to IQHQ for the first phase of 27-acre Alewife Park, Taylor Driscoll reported Oct. 1 in Bisnow. IIP announced it that Thursday. Its first life-sciences deal, in August 2025, was also with IQHQ.
IIP said the loan is expected to yield 15.8 percent. It matures in February 2028, with an option for one more year. About $111 million would be provided at closing and $134 million more through late next year, Driscoll reported. The proceeds would retire an $85 million bridge loan and fund completion and lease-up.
Phase one is three buildings, 392,000 square feet, 78 percent leased to Lila Therapeutics under a 235,000-square-foot deal at 1 and 5 Alewife Park. Alan Gold, IIP's executive chairman and a co-founder of Alexandria Real Estate Equities, said the terms should mean "attractive risk-adjusted returns" for shareholders. IQHQ said it had already spent $800 million there.
Bisnow also reported that IQHQ has halted its $1 billion Fenway Center project and was sued by Aimco over a $50 million multifamily investment.
Source: Taylor Driscoll, Bisnow, Oct. 1, 2026. https://www.bisnow.com/news/boston/life-sciences/iqhq-lands-245m-loan-for-alewife-park-from-cannabis-reit