HIG Realty Partners and Lincoln Equities Group have secured a $ 76 million loan to finance their acquisition and capital improvement at a life sciences campus in Hopewell, New Jersey.
The financing, from ArrowMark Partners, was confirmed by Lance Bergstein, Head of Acquisitions and Development at Lincoln Equities Group, based in East Rutherford, New Jersey.
Newmark’s debt and structured finance team led by Dustin Stolly and Jordan Roeschlaub executed the transaction.
In June 2020, the HIG and Lincoln partnership acquired the former 1.1 million square foot Bristol Myers Squibb campus at 311 Pennington Rocky Hill Road for $ 32 million, according to property records.
The proceeds from the loan will be used to finance the acquisition cost – which was initially funded by equity – as well as leasing and capital improvements for the project.
The Garden State is known as the country’s pharmacy, but that status has eroded in recent years as several large pharmaceutical companies have moved to Cambridge, Massachusetts or San Francisco. But with the life sciences sector flourishing even during the pandemic, New Jersey is poised to attract biotech companies funded by an influx of venture capital, Bergstein said.
“We are very optimistic that mid and mid-sized biotech companies that are in phase two, early in phase three clinical trials are going to be drawn to New Jersey for the price and availability of hand. -work, “he said. mentionned.
In early 2020, Bristol Myers Squibb left the 266-acre campus and relocated its operations to a new 650,000 square foot facility in the neighboring township of Lawrence.
The 266 acres of the Hopewell campus include research and development facilities, offices, a data center, and its own central utility complex that provides electricity, chilled water and steam.