Capital One Aids Sterling Bay in Sorrento Mesa Loan

Capital One’s Medical Properties team closed 90+ loan transactions in 2021, totaling $4.2 billion, in total, with some of those loans being pushed into 2022 – and San Diego was on that roster of loan furnishings.

Capital One’s activity around Harrison Street Sterling Bay San Diego comprised $198 million of syndicated transaction, helping finance the acquisition of a five-asset life science/technology campus in the San Diego submarket of Sorrento Mesa.

Harrison Street and Sterling Bay will also have the opportunity to develop an adjacent six-story, 355,000-square-foot building, according to a news release.

The leased tenants for these existing class-A buildings include Tanvex BioPharama, Wacker and Qualcomm.

The transaction is the latest life-sciences real estate joint venture between the alternative real assets specialist investor Harrison Street and the west coast division of Chicago developer Sterling Bay.