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Oxford Properties Secures $136M Construction Loan For Life Sciences Campus In Carlsbad

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FINANCED
$136,000,000
Adam Spengler
Thomas (Tom) Traynor
James Millon
+ 1

California

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Life Sciences255,600 SF
Financed 12/07/2023
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Property Image
FINANCED

Oxford Properties Secures $136M Construction Loan For Life Sciences Campus In Carlsbad

2855 Gazelle Ct

See Similar Deals
Life Sciences255,600 SF
Financed 12/07/2023
Adam Spengler
Thomas (Tom) Traynor
James Millon
+ 1
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Life Sciences
Price Per Square Foot:$532
Total Square Footage:255,600 SF
Transaction Type:Loan

Oxford Properties has secured a $136 million construction loan for a build-to-suit development at the Ionis Pharmaceuticals campus in Carlsbad, California. The loan was provided by Otera Capital and arranged by CBRE. The development is part of Oxford's expanding West Coast life sciences portfolio, which now encompasses 900,000 square feet in San Diego.

Summary of transaction details

  • Property Type: Life Sciences
  • Loan Amount: $136,000,000
  • Address: 2855 Gazelle Court
  • Market: Carlsbad
  • Square Footage: 255,600
  • Acres: 18

The loan was provided by Otera Capital, with Rana Ghorayeb representing the lender. CBRE, with brokers Adam Spengler, James Millon, and Thomas Traynor, facilitated the transaction on behalf of Oxford Properties, with Daniel Fournier acting as the landlord. This financing deal further underscores Oxford's commitment to the life sciences sector on the West Coast.

Players

Thomas (Tom) Traynor
CBRE
Thomas Traynor
39 deals$15B volume
BROKER
James Millon
CBRE
James Millon
19 deals$9.1B volume
BROKER
Adam Spengler
CBRE
Adam Spengler
10 deals$1.7B volume(908) 839-7632
BROKER
Oxford Properties Group
Oxford Properties Group
BROKERAGE
Otera Capital
Otera Capital
LENDER
Daniel Fournier
Oxford Properties Group
Daniel Fournier
5 deals$136M volume
LANDLORD
Daniel Fournier
Ivanhoé Cambridge
Daniel Fournier
5 deals$136M volume
LANDLORD

Details

FINANCED
IMAGE: Thomas Traynor, Adam Spengler, Rana Ghorayeb, Daniel Fournier & James Millon DATE: 12/07/2023 ADDRESS: 2855 Gazelle Court MARKET: Carlsbad ASSET TYPE: Life Sciences ~ SF: 255,600 ~ ACRES: 18 LENDER: Otera Capital - Rana Ghorayeb (@RanaGhorayeb) LANDLORD: Oxford Properties (@OxfordPropGroup) - Daniel Fournier BROKERS: Adam Spengler, James Millon & Thomas Traynor - CBRE (@CBRE) LOAN AMOUNT: $136,000,000 LOAN TYPE: Construction Loan NOTE: Oxford Properties has secured $136 million in construction financing for a build-to-suit development at the Ionis Pharmaceuticals campus in Carlsbad, California. The deal, arranged by CBRE and financed by Otera Capital, adds to Oxford's growing West Coast life sciences portfolio, now totaling 900,000 square feet in San Diego.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$136,000,000.00

Monthly NOI$906,666.67
Monthly Debt Service$859,612.51
Change in Cash Flow$0.00
Refinance Proceeds$0.00