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4/04/18
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Phase 3 Real Estate Partners Inc has obtained refinancing totaling $384.9 mil on its Genesis North and South Towers, two office and life science buildings totaling 717.9k sf in South San Francisco.
Genesis North and South Towers are located at One and Two Tower Place, immediately adjacent to and visible from Highway 101 in South San Francisco’s life science hub. This location is less than 10 minutes from the San Francisco Airport and proximate to the Bart/Caltrain lines of the San Bruno and South San Francisco stations.
Due for completion in 2018, Genesis North Tower is a 21-story, 390k sf life science building. Genesis South Tower was completed in 2016 and has 12 stories of laboratory and office space. The project will include additional tenant and community amenities and offers panoramic views of the San Francisco Bay.
The financing was arranged by HFF’s Tim Wright, Todd Sugimoto, Zack Holderman and Olga Walsh. It included a $199.86 mil, three-year loan through a life company for the recently completed Genesis North Tower. It also included a $185 mil, five-year, floating-rate loan through a national commercial bank for the fully stabilized Genesis South Tower, the campus’s first phase.
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