King Street Properties borrows $237.7M from Starwood Property Trust to refinance Morrisville life sciences campus

King Street Properties has secured $237.7 million from Starwood Property Trust to refinance the first phase of Pathway Triangle, a Novartis-anchored advanced manufacturing and life sciences campus in Morrisville, N.C., Commercial Observer reported.

JLL Capital Markets arranged the debt, per Commercial Observer. The JLL team included Brett Paulsrud, Amy Lousararian, Andrew Gray, Ward Smith, Hugh Doherty and Libby Horton. Paulsrud described the asset as a "best-in-class advanced manufacturing campus anchored by investment-grade tenancy in one of the nation's premier life science markets."

The campus runs to four buildings and nearly 582,000 square feet at 1000 Science Drive. It sits two miles from Raleigh-Durham International Airport and near Interstates 40 and 540 and North Carolina Highway 54. Novartis is the anchor tenant; the report names Liquidia Pharmaceuticals as the other prime tenant.

The $237.7 million equals roughly $408 per square foot across the nearly 582,000-square-foot campus, though phase one may cover only part of that footprint, which would push the figure higher.

Blue Light lent $62.5 million in September against a Bedford, Mass., manufacturing campus that was 32% leased, with the debt priced for the tenant pipeline rather than the rent roll, as this publication covered.

Completion of the second phase would take the campus past 950,000 square feet, roughly 63% more than the nearly 582,000 square feet now. King Street's manufacturing portfolio also includes Pathway Devens in Massachusetts and Pathway RTP in North Carolina.