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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.”
- ◦Financing
