Longfellow Lands $53M Loan for North Carolina Life Science Conversion

The borrower received the five-year, floating-rate financing for the acquisition and planned conversion of the four-building portfolio.

Perimeter’s Edge. Image via Google Street View

Longfellow Real Estate Partners has received a $52.76 million loan for the acquisition and repositioning of Perimeter’s Edge, a flex/office portfolio comprising 341,547 square feet across four buildings in Morrisville, N.C. JLL arranged the five-year, floating-rate financing provided by MetLife Investment. The new owner plans to repurpose the asset into a life science campus.

The properties are located at 2450 and 2600 Perimeter Park Drive, 507 Airport Blvd. and 515 McCrimmon Parkway, within Perimeter Park. The more than $3 million-square-foot office park is one of the largest in the Research Triangle.

Perimeter’s Edge is less than 3 miles of Raleigh-Durham International Airport, with interstates 540 and 40 nearby. Central Raleigh, N.C. and Durham, N.C, with their university clusters, are within a 15-mile radius of the site.

JLL’s Managing Directors Greg LaBine and Roger Edwards, along with Senior Director Martha Nay represented the borrower. MetLife’s Associate Director Brigitte Burkett originated the credit. Earlier this year, JLL and MetLife teamed up for the acquisition financing of another North Carolina asset. The three-building, mixed-use Metropolitan Midtown development changed hands for $90 million.

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