King Street Properties Secures $237.7 Million Loan From Starwood Property Trust For Pathway Triangle

The property asset involved in this context is a development known as Pathway Triangle located at 4880 McCrimmon Parkway in Morrisville, North Carolina. This life sciences asset encompasses a total area of 581,789 square feet and is situated on 75 acres of land. The project is part of a larger initiative that will feature seven buildings totaling more than 950,000 square feet and is anchored by Novartis. The secured loan amount for this transaction is $237,700,000.

Summary of transaction details:

• Property Type: Life Sciences
• Transaction Amount: $237,700,000
• Address: 4880 McCrimmon Parkway
• Market: Morrisville, NC
• Asset Square Footage: 581,789
• Acres: 75
• Lender: Barry Sternlicht - Starwood Property Trust
• Landlord: Thomas Ragno - King Street Properties
• Brokers: Brett Paulsrud, Amy Lousararian, Andrew Gray, Ward Smith, Hugh Doherty & Libby Horton - JLL

The transaction includes key players such as Thomas Ragno, representing King Street Properties as the landlord, and Barry Sternlicht, who represents Starwood Property Trust as the lender. The financing for this development project was arranged by brokers from JLL, comprising Brett Paulsrud, Amy Lousararian, Andrew Gray, Ward Smith, Hugh Doherty, and Libby Horton, indicating a collaborative effort in securing the necessary funding for the first phase of Pathway Triangle.