California + Bay Area + Finance | April 21, 2022

Square Mile Capital originated a $118-million loan to finance the development of 777 Industrial, a planned 150,000-square-foot Class A, R&D and life science lab building in San Carlos

Square Mile Furnishes $118M Loan on Bay Area Life Science Project

Square Mile Capital Management LLC has originated a $118-million loan to finance the development of 777 Industrial, a planned 150,000-square-foot Class A, R&D and life science lab building to be built in San Carlos. The New York-based lender provided the construction financing to a partnership managed by Presidio Bay Ventures, led by K. Cyrus Sanandaji and Kabir Seth, and an institutional equity joint venture partner.

Square Mile principal Eric Cohen said, “The San Carlos submarket is a burgeoning hub of life science activity and we are bullish on its continued growth. We continue to seek investment opportunities in the growing Bay Area life science sector with top quality sponsors and we believe Presidio Bay Ventures to be among the best in the region.”

Currently the site of an existing car dealership, the development will entail building a four-story Class A building on top of the existing parking podium.

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Square Mile Capital's Cohen

About Paul Bubny

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 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. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).