Biotech Conversion Project Valued at $96.4M

 SAN DIEGO—HFF says it has arranged $96.4 million in financing to convert Genesis at Campus Point, a vacant four-building office complex, into a state-of-the-art laboratory campus in the UTC submarket. Working on behalf of the borrower, a partnership between Phase 3 Real Estate Partners and its institutional partner, HFF placed the 36-month, floating-rate loan with TPG Real Estate Finance Trust. Proceeds will be used to recapitalize the mid-year acquisition and fund immediate repositioning costs of the asset. The 311,022-square-foot Genesis at Campus Point consists of four-story and two-story office buildings, an amenities building and a seven-story office building that has floor to ceiling windows offering panoramic views of San Diego’s mountains and coastline.  Once converted, the buildings will feature multiple conference rooms, an on-site café with indoor and outdoor seating, a full-service fitness center, large balconies and a combination of covered and surface parking.  Located at 4224, 4242 and 4244 Campus Point Court and 10210 Campus Point Drive, Genesis at Campus Point is located near the convergence of Interstates 5 and 805 in San Diego’s UTC submarket, a prominent San Diego life science cluster that benefits from area research institutions and co- tenants, including University of California San Diego, Scripps Medical Campus, Illumina, Eli Lilly and Celgene.  San Diego ranks as the nation’s third largest biotech cluster, and the property is located in an area known as the Golden Triangle, which is home to many technology, bio-tech and research institutes. HFF’s debt placement and equity team representing the borrower was led by senior managing director Tim Wright, managing director Todd Sugimoto and director Zack Holderman. Phase 3 Real Estate Partners, Inc. (P3RE) is a progressive real estate company dedicated to fostering the growth of the life science community by providing premiere, class A environments that meet the needs of companies today and in the future.  P3RE’s properties are located in the epicenters of the life science markets in San Diego and San Francisco. TPG Real Estate Finance Trust is the commercial real estate debt platform of TPG, a leading global private investment firm with approximately $75 billion of assets under management and 17 offices around the world.