SMBC Lends $90M on Life Sciences Portfolio
By Andrew Coen October 1, 2024 1:20 pm
reprints
Phase 3 Real Estate Partners has secured a $90 million loan to refinance a 365,613-square-foot life science portfolio in the Boston and San Diego markets, Commercial Observer has learned.
Sumitomo Mitsui Banking Corporation (SMBC) provided the loan on the sponsorship’s three properties in Cambridge, Mass.; Waltham, Mass.; and San Diego, sources familiar with the deal told CO.
Newmark (NMRK) arranged the transaction with a team led by Jordan Roeschlaub and Chris Kramer.
The properties are part of Phase 3’s Genesis Portfolio in the life sciences hubs of San Diego, Boston and San Francisco. The assets included in the loan are at 11025 and 11035 Roselle Street in San Diego, 640 Memorial Drive in Cambridge and 100 Beaver Street in Waltham.
Spokespeople for SMBC, Phase 3 and Newmark did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
