$96.4 million financing arranged by HFF for biotech conversion project in San Diego, California
SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $96.4 million in financing to convert Genesis at Campus Point, a vacant four-building office complex, into a state-of-the-art laboratory campus in the UTC submarket of San Diego, California.
Working on behalf of the borrower, a partnership between Phase 3 Real Estate Partners and its institutional partner, HFF placed the 36-month, floating-rate loan with TPG Real Estate Finance Trust. Proceeds will be used to recapitalize the mid-year acquisition and fund immediate repositioning costs of the asset.
The 311,022-square-foot Genesis at Campus Point consists of four-story and two-story office buildings, an amenities building and a seven-story office building that has floor to ceiling windows offering panoramic views of San Diego’s mountains and coastline. Once converted, the buildings will feature multiple conference rooms, an on-site café with indoor and outdoor seating, a full-service fitness center, large balconies and a combination of covered and surface parking. Located at 4224, 4242 and 4244 Campus Point Court and 10210 Campus Point Drive, Genesis at Campus Point is located near the convergence of Interstates 5 and 805 in San Diego’s UTC submarket, a prominent San Diego life science cluster that benefits from area research institutions and co- tenants, including University of California San Diego, Scripps medical campus, Illumina, Eli Lilly and Celgene. San Diego ranks as the nation’s third largest biotech cluster, and the property is located in an area known as the “Golden Triangle,” which is home to many technology, bio-tech and research institutes.
HFF’s debt placement and equity team representing the borrower was led by senior managing director Tim Wright, managing director Todd Sugimoto and director Zack Holderman.
About Phase 3 Real Estate Partners, Inc.
Phase 3 Real Estate Partners, Inc. (P3RE) is a progressive real estate company dedicated to fostering the growth of the life science community by providing premiere, Class A environments that meet the needs of companies today and in the future. P3RE’s properties are located in the epicenters of the life science markets in San Diego and San Francisco. These are innovative urban centers for the life sciences, and represent two of the top three life science clusters in the world.
About TPG Real Estate Finance Trust
TPG Real Estate Finance Trust (TRT) is the commercial real estate debt platform of TPG, a leading global private investment firm with approximately $75 billion of assets under management and 17 offices around the world. TRT is a balance sheet lender that originates large, transitional, floating rate first mortgage loans and select mezzanine loans secured by all major property types in major and select secondary United States markets. TRT invests and manages its $2.6 billion loan portfolio from offices in New York and San Francisco.
TRT is part of TPG Real Estate (TPGRE) which also includes TPG Real Estate Partners, TPGRE’s equity investment platform. Collectively, the two platforms have more than $7 billion of assets under management across TPGRE and other TPG-sponsored vehicles. For additional information, visit www.tpg.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF, together with its affiliate HFFS, offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.