Updated Dec 4, 2024
Phase 3 Secures $90 Million Refinance Loan For Life Sciences Assets In San Diego And Cambridge
11035 Roselle Street, 640 Memorial Drive & 100 Beaver Street
$90,000,000
$82/SF
Building Size
365,613 SF
Asset Type
Life Sciences
Closing
Sep 9, 2024
About this deal
AI
The asset involved in this transaction is a Life Sciences property encompassing a total area of 365,613 square feet. The addresses associated with the deal include 11035 Roselle Street, 640 Memorial Drive, and 100 Beaver Street, situated within the San Diego, CA; Cambridge and Waltham, MA markets. The transaction involved a refinance loan amounting to $90,000,000.
Summary of transation details:
- Property Type: Life Sciences
- Transaction Amount: $90,000,000
- Lender: SMBC
- Lender's Representatives: Hiro Otsuka and Alex Cabria
- Landlord: Phase 3
- Landlord's Rep: Neil Fox
- Landlord's Representatives: Jordan (Jordy) Roeschlaub, Christopher Kramer, Ramsey Daya, and Timothy O'Donnell - Newmark
- Date of Transaction: 09/09/2024
The key players in this transaction include the landlord, Phase 3, represented by Neil Fox. The landlord's representation is managed by a team from Newmark, which includes Jordan (Jordy) Roeschlaub, Christopher Kramer, Ramsey Daya, and Timothy O'Donnell, facilitating the refinance deal for the property.
On the Map
$90,000,000
$82/SF
Life Sciences
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Players
San Diego Life Sciences Market Snapshot
Boundary boundary · Life Sciences · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93