The biotech REIT IQHQ has secured a $581M in construction financing for its Elco Yards office and life science campus in Redwood City, CA.
The five-year loan was co-originated and co-funded by KKR Real Estate Finance Trust and KKR affiliates, according to an earnings release. KKR said in a statement that its trust covered a quarter of the loan but declined to disclose the other lenders.
According to KKR's earnings statement, the collateral on KKR's floating-rate senior loam is the project's commercial component, which is substantial.
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