{"id":1004525825,"date":"2021-05-04T05:24:23","date_gmt":"2021-05-04T13:24:23","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004525780"},"modified":"2021-05-18T22:57:57","modified_gmt":"2021-05-19T06:57:57","slug":"bay-area-life-science-project-lands-400m-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bay-area-life-science-project-lands-400m-loan\/","title":{"rendered":"Bay Area Life Science Project Lands $400M Loan"},"content":{"rendered":"
\"\"<\/a>

Marina Genesis. Rendering courtesy of JLL<\/i><\/p><\/div>\n

Phase 3 Real Estate Partners Inc. and Bain Capital Real Estate have scored a more than $400 million construction loan for Genesis Marina, a purpose-built life science campus underway in California\u2019s Bay Area. Barings LLC provided the financing for the roughly 570,000-square-foot waterfront project in Brisbane, on the southern border of San Francisco.<\/p>\n

A JLL Capital Markets team of Tim Wright, Todd Sugimoto and Daniel Pinkus represented the borrower in the financing deal. Located at 3000 to 3500 Marina Blvd., Genesis Marina is slated for delivery in the first quarter of 2023, according to the project website.<\/p>\n

\n

READ ALSO:<\/strong> San Francisco Market Update: The Pipeline is Thawing<\/a><\/p>\n

\n

Phase 3 Real Estate Partners broke ground on the Class A, three-building development last year and recently began to install indicator piles, the company revealed in a social media post about a month ago. The 8.7-acre site along Highway 101 will give rise to a LEED Gold-designed property with efficient floorplates of about 35,000 square feet and direct access to the Bay Trail walking and cycling path along the water.<\/p>\n

The upcoming project forms part of the Genesis life science portfolio, a collection of properties across the booming biotech markets of San Francisco, San Diego and Boston. Phase 3 also partnered with Bain to build Genesis South Francisco, a 796,572-square-foot campus less than a mile to the southwest of Genesis Marina. Completed in 2019, the campus featuring a 21-story tower was sold to an affiliate of Ventas Inc.<\/a> last October.<\/p>\n

Robust demand<\/h2>\n

The financing opportunity for Genesis Marina \u201cattracted a tremendous amount of interest\u201d amid buoyant demand for trophy life science developments, JLL\u2019s team noted in a statement. The project is among the newest Class A biotech campuses to arise in San Francisco\u2019s life sciences cluster, which has 4 million square feet of development under construction, according to the brokerage\u2019s 2020 outlook report<\/a> on the sector.<\/p>\n

The Bay Area\u2019s life sciences market continues to thrive even as pandemic-related disruptions batter the office market<\/a>. Last month, Oxford Properties paid $172.7 million<\/a> for a mixed-use building in Berkeley that the Canadian real estate investment giant plans to convert into lab space.<\/p>\n

That acquisition came shortly after Longfellow Real Estate Partners snapped up a nearly 250,000-square-foot office campus in San Mateo for $156 million, with plans to transform the entire asset into a life science property<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Phase 3 Real Estate Partners and Bain Capital Real Estate obtained the construction financing for a high-end, three-building campus.<\/p>\n","protected":false},"author":744,"featured_media":1004526499,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21808,21825,21742,21747,1609,15],"tags":[45194,44006,34750],"class_list":["post-1004525825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-featured","category-finance","category-latest","category-office","category-san-francisco","category-west","tag-bain-capital-real-estate","tag-jll-capital-markets","tag-phase-3-real-estate-partners"],"acf":[],"yoast_head":"\nBay Area Life Science Project Lands $400M Loan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bay-area-life-science-project-lands-400m-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bay Area Life Science Project Lands $400M Loan\" \/>\n<meta property=\"og:description\" content=\"Phase 3 Real Estate Partners and Bain Capital Real Estate obtained the construction financing for a high-end, three-building campus.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bay-area-life-science-project-lands-400m-loan\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-04T13:24:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-19T06:57:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Marina-Genesis.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Greg Isaacson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bay-area-life-science-project-lands-400m-loan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/bay-area-life-science-project-lands-400m-loan\/\",\"name\":\"Bay Area Life Science Project Lands $400M Loan - 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