At a glance
- Novartis and Liquid Pharmaceuticals have signed leases at the 581,000-square-foot opening phase, giving the note two named tenants while construction is still underway.
- Commercial Search, which Connect CRE cites, puts full build-out at seven buildings and more than 950,000 square feet on 75 acres in the Research Triangle.
- The earlier report described a campus of nearly 582,000 square feet anchored by Novartis; Connect CRE, publishing a day later, describes the collateral as under construction.
King Street Properties has a $237.7 million loan from Starwood Property Trust for Pathway Triangle, the life science campus it is building in Morrisville, N.C., according to Connect CRE.
Novartis and Liquid Pharmaceuticals have signed leases at the 581,000-square-foot opening phase, giving the note two named tenants while construction is still underway. JLL arranged the debt, the same report says.
Commercial Search, which Connect CRE cites, puts full build-out at seven buildings and more than 950,000 square feet on 75 acres in the Research Triangle. The plan includes two-story buildings on the McCrimmon Parkway extension near Raleigh-Durham International Airport.
This is likely the same financing PRED reported on Oct. 13, when King Street borrowed $237.7 million from Starwood to refinance phase one of a four-building campus. The earlier report described a campus of nearly 582,000 square feet anchored by Novartis; Connect CRE, publishing a day later, describes the collateral as under construction. The distinction matters, because a note funding construction draws and a note against an operating building are different instruments. Connect CRE's report does not state a rate, term, loan-to-cost figure or recourse detail.
Recent life science debt has also leaned on tenant rosters. Blue Light borrowed $62.5 million in September against a Bedford manufacturing campus that was 32 percent leased, with the debt priced for a pipeline rather than an in-place rent roll. Hendrie Lane's Andover R&D purchase cleared with two-thirds leverage on a four-name roster. Pathway Triangle is cleaner: two tenants signed before the buildings finish.
Those leases cover the opening phase. Connect CRE's account names no tenant beyond it, so the leasing risk in the 950,000-square-foot master plan sits in square footage that has no reported commitment behind it.
Reported by the Real estate debt desk from Connect CRE, Commercial Search (cited by Connect CRE) and PRED archive. Published . Corrections