Starwood Property Trust Provides $238M Refi on N.C. Life Sciences Campus

King Street Properties has secured $237.7 million to refinance the first phase of Pathway Triangle, a four-building advanced manufacturing and life sciences campus spanning nearly 582,000 square feet in Morrisville, N.C., that has Novartis as an anchor tenant.

Starwood Property Trust provided the debt, while the JLL Capital Markets team of Brett Paulsrud, Amy Lousararian, Andrew Gray, Ward Smith, Hugh Doherty and Libby Horton arranged the transaction.

“Pathway Triangle represents a best-in-class advanced manufacturing campus anchored by investment-grade tenancy in one of the nation’s premier life science markets,” said Paulsrud in a statement.

Located at 1000 Science Drive, Pathway Triangle sits at the the heart of North Carolina’s research triangle — a leading U.S. biomedical hub that includes Duke University, University of North Carolina at Chapel Hill and North Carolina State University — and one that has secured $575 million in state grants and generated nearly $21 billion in private investment in the last 19 years.

Moreover, Pathway Triangle is only two miles from the Raleigh-Durham International Airport, and has easy access to Interstate 40, Interstate 540 and North Carolina Highway 54.

Upon the completion of the second phase, the entire Pathway Triangle campus will span more than 950,000 square feet.

Aside from Novartis, the asset’s other prime tenant is Liquidia Pharmaceuticals.

King Street Properties’ portfolio of manufacturing assets includes Pathway Devens in Massachusetts and Pathway RTP in North Carolina.

Brian Pascus can be reached at bpascus@commercialobserver.com.

Source: commercialobserver.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.