Phase 3 Real Estate Partners and Bain Capital Real Estate have snagged a $484 million loan to refinance a 561,000-square-foot life sciences campus in Brisbane.
The San Diego-based developer and Boston-based investor secured the financing for the Genesis Marina life sciences campus at 3000, 3300 and 3500 Marina Boulevard, the Commercial Observer reported.
The lender was the credit arm for New York-based Brookfield Asset Management. The deal was arranged by a JLL capital markets crew led by Tim Wright, Todd Sugimoto, Bruce Ganong and Daniel Pinkus.
The Genesis Marina development includes three five-and six-story buildings completed in December 2023 on an 8.9-acre waterfront site near Brisbane Marina on Sierra Point.
The Peninsula campus includes a central terrace, conference center, electric vehicle charging stations and covered parking.
“With attractive long-term fundamentals backed by strong institutional sponsorship, this property aligns with our investing approach,” Bill Powell, a managing partner of Brookfield’s commercial real estate lending platform, said in a statement
Joe Marconi, partner at Bain Capital, said in a statement he was “impressed” by the “detailed understanding” Brookfield had when it came to the multitenant aspect of the Genesis Marina project, and how the financing fit the needs of the development.
Phase 3 Real Estate Partners, founded in 2000 by Neil Fox, has a life science portfolio of nearly 4.5 million square feet in greater San Diego, San Francisco and Boston.
Bain Capital Real Estate, founded in 2018, is a unit of Bain Capital. As of June 2022, it had $6.9 billion into more than 500 properties, according to its website.— Dana Bartholomew
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