Sterling Bay Secures $290 Million Refinancing For Pacific Center Life Sciences Campus In San Diego
9925 Pacific Heights Boulevard
$290,000,000
$552/SF
Building Size
525,000 SF
Asset Type
—
Closing
May 28, 2026
About this deal
AI
The asset involved in this transaction is a 525,000-square-foot Class A life sciences campus located at 9925 & 9955 Pacific Heights Boulevard in the San Diego, CA market. The refinancing transaction amounts to $290 million, facilitating the property's ongoing operations and future funding needs.
Summary of transaction details:
- Property Type: Life Sciences
- Transaction Amount: $290,000,000
- Loan Type: Refinance
- Lender: Tucker Hughes & Tripp Taylor - Peregren Capital Group
- Landlord: Andy Gloor - Sterling Bay
- Brokers: Jonathan Firestone, Blake Thompson & Jack Condon - Newmark
In this refinancing deal, Sterling Bay and its institutional partner played a vital role by securing financing led by Peregren Capital Group. The transaction includes $162.5 million in future funding intended for leasing reserves as the property addresses challenges in the current lab market environment in San Diego.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93