Mesa West Lends $178M on San Mateo Office-to-Life Sciences Conversion – Commercial Observer

0
22

One of the industry’s leading life sciences investors and developers has nabbed $178 million in debt to convert a 236,000-square-foot office campus in the Bay Area to life sciences and laboratory space.

Longfellow Real Estate Partners secured the five-year, floating-rate, first mortgage loan from Los Angeles-based alternative lender Mesa West Capital in order to buy San Mateo Bay Center in late April for $156 million from Rubicon Point Partners and fund the start of what will be a life sciences conversion project, according to information from Mesa West. 

“San Mateo is home to one of the most rapidly emerging life science communities in the country,” said Longfellow CEO Adam Sichol, who added that the loan “will enable us to transform the San Mateo Bay Center into a premier life science campus that will best serve the region’s leading bio innovation companies.”

Newmark’s Ramsey Daya arranged the financing, while Gibson, Dunn &…

Read more…