South San Francisco Developer Completes $384M In Refinancing
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Phase 3 Real Estate Partners has secured $384M in refinancing for its Genesis North and South Towers in South San Francisco. The two office and life science towers total about 718K SF. HFF represented Phase 3 Partners during the transaction.
HFF secured a three-year loan worth about $200M through a life insurance company lender for the under-construction Genesis North Tower, and a five-year floating rate loan through a national commercial bank for Genesis South Tower.
Genesis North is a 21-story, 390K SF life science building expected to deliver in August. Genesis South was completed in 2016 and has 12 stories of laboratory and office space fully leased to Corbion, a food and biochemical ingredients company.
Genesis will include additional tenant and community amenities, such as a fitness center, a Foccacia Market & Bakery, a performing arts center for over 230 people, a patio lounge and shuttle services to main public transportation lines.
Genesis is at One and Two Tower Place next to and visible from Highway 101. It is less than 10 minutes from the San Francisco Airport and close to BART/Caltrain lines.
HFF Senior Managing Director Tim Wright, Managing Director Todd Sugimoto, Senior Director Zack Holderman and Senior Associate Olga Walsh were part of the debt placement team that represented the borrower.