Blackstone's BioMed Realty Secures $422.2M Refinance Loan For Gateway Of Pacific Lab Campus

Blackstone's BioMed Realty has secured a $422.2 million loan to refinance part of its Gateway of Pacific lab campus in South San Francisco. The loan was provided by JPMorgan Chase, Citi, and Deutsche Bank, and is part of a larger $1.2 billion CMBS pool. The loan carries an interest rate benchmarked at the secured financing overnight rate plus 2.12 percent and has an initial maturity in 2026, with extension options.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $422,200,000
• Asset Type: Office
• Size: 510,000 SF
• Address: 601 Gateway Boulevard
• Market: South San Francisco

JPMorgan Chase, Citi, and Deutsche Bank acted as lenders for the transaction. The landlords of the property are Timothy M. Schoen and Stephen A. Schwarzman - Blackstone's BioMed Realty. The loan carries an interest rate benchmarked at the secured financing overnight rate plus 2.12 percent and has an initial maturity in 2026, with extension options.