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King Street Secures $237M Loan for Research Triangle Campus
King Street Properties obtained a $237.7 million loan for Pathway Triangle, a life science campus currently under construction in Morrisville, N.C. King Street already landed tenants for the campus. Novartis and Liquid Pharmaceuticals signed a lease at the 581,000-square-foot opening phase of the project.
Commercial Search reports that The Pathway Triangle will eventually have seven buildings totaling more than 950,000 square feet spread across 75 acres in the heart of the Research Triangle region. The buildings within Pathway Triangle will rise two stories.
Pathway Triangle is on the McCrimmon Parkway extension, near Raleigh-Durham International Airport.
The complex also includes The Junction, a dedicated amenity pavilion totaling 10,670 square feet. The building comprises a café, fitness center, training room, lounge and golf simulator, alongside an outdoor firepit area and 10,000 square feet of green space.
JLL’s Hugh Doherty, Brett Paulsrud, Amy Lousararian and Andrew Gray, together with Ward Smith and Libby Horton, arranged the financing on behalf of King Street Properties. Starwood Property Trust provided the note.
- ◦Development
- ◦Financing
