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5/04/21
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Phase 3 Real Estate Partners Inc and Bain Capital Real Estate have obtained a $400+ mil construction loan for Genesis Marina, a to-be-built, waterfront Class A+ life science campus totaling approximately 570k sf in the Bay Area city of Brisbane. The financing was arranged by Tim Wright, Todd Sugimoto and with JLL Capital Markets and funded through Barings LLC.
Genesis Marina is located on an 8.7-acre site within South San Francisco’s life science cluster, which is rated the number two market in the United States. With limited nearby new development, Genesis Marina will provide a trophy life science campus offering.
“The pandemic really accelerated the demand for life science space as well as attracted new entrants on the lending side,” Sugimoto commented. “An aging population is driving greater demand for medical innovation and onshoring is driving accelerated demand for U.S. lab and pharmaceutical manufacturing space indicting the long-term strength of this sector.”
According to JLL’s recent Life Science Outlook, demand continues to grow in South San Francisco as funding sources are increasing and life science graduates from the surrounding colleges continue to flood into the market. Office-to-lab conversions have been the most popular solution to address the rising demand, however there is an ongoing shortage of highly amenitized, purpose-built projects such as Genesis Marina.
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