Blackstone Gets $182M to Improve San Diego Office Campus

Blackstone has secured a $182 million loan to fund improvements at University Town Center by BioMed Realty in San Diego. The property is a four-building 288,000-square-foot life science campus.

Funding includes a holdback for the redevelopment currently underway, led by the conversion of certain office space to laboratory/life science use and the addition of a variety of class-A amenity features serving the entire campus. Currently, the properties are 94% leased to laboratory/life science and office tenants, the majority of which are or will be using the properties as their respective corporate headquarters.

Capital One funded the loan. It has a two-year interest-only term with adjustable rate loan has three one-year extensions.