Research Triangle Campus Lands $57M First-Mortgage Debt
Knighthead Funding provided repeat borrower Equator Capital Management with $57.25 million in short-term, first-mortgage debt to fund the buildout of a newly leased, 245,000-square-foot life sciences campus in Raleigh/Durham. San Francisco-based Invitae Corp., a biotech company involved with DNA sequencing, will use the property as its East Coast testing facility.
The financing modifies an existing $34-million construction loan Knighthead originated in 2019 to fund Equator’s conversion of a former outlet mall into a creative office campus to meet demand from tenants looking for a Research Triangle presence.
“Although the construction on the adaptive reuse project was completed under the original loan, with interest from Invitae to lease the entire campus, the sponsor needed a quick response from us in order to close on a highly structured lease transaction,” said Knighthead principal Jonathan Daniel. “It was critical that we act quickly to upsize and modify the existing loan to support our sponsor.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types as well as delving into broader subject matter. He produces 15-20 daily news stories per day and also works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.