King Street Properties secured $237.7 million to refinance the first phase of Pathway Triangle.
That first phase is a four-building advanced manufacturing and life sciences campus spanning nearly 582,000 square feet. Novartis is an anchor tenant. Upon completion of the second phase, the entire campus will span more than 950,000 square feet.
Starwood Property Trust provided the debt. JLL Capital Markets arranged the transaction.
Pathway Triangle sits in Morrisville, N.C., at the heart of North Carolina's research triangle. The area has secured $575 million in state grants and generated nearly $21 billion in private investment in the last 19 years.
This deal suggests lenders still back life sciences in top markets when an anchor tenant is in place.