Brookfield Provides $484M Refi for Bay Area Life Sciences Campus
By Andrew Coen January 9, 2025 2:09 pm
reprints
A joint venture between Phase 3 Real Estate Partners and Bain Capital Real Estate has sealed a $484 million loan to refinance a life sciences campus near San Francisco.
Brookfield (BN)’s real estate credit group provided the loan on the developers’ Genesis Marina project consisting of a 561,000-square-foot life science facility in Brisbane, Calif., that overlooks San Francisco Bay, the lender announced Thursday. The development, completed in December 2023, is part of an 8.9-acre waterfront site on Marina Boulevard near Brisbane Marina on Sierra Point.
“With attractive long-term fundamentals backed by strong institutional sponsorship, this property aligns with our investing approach,” Bill Powell, a managing partner of Brookfield’s CRE lending platform, said in a statement
JLL (JLL) arranged the transaction with a capital markets team led by Tim Wright, Todd Sugimoto, Bruce Ganong and Daniel Pinkus.
Located nine miles south of Downtown San Francisco in San Mateo County, the three-building Genesis Marina life sciences campus has amenities that include a central terrace, conference center, electric vehicle charging stations and covered parking.
Joe Marconi, partner at Bain Capital, said in a statement he was “impressed” by the “detailed understanding” Brookfield had when it came to the multitenant aspect of the Genesis Marina project, and how the financing fit the needs of the development.
Phase 3 Real Estate Partners did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
