Tarzana Life Science Project Lands $85M Construction Loan
CBRE has facilitated an $85 million construction loan for the completion of the commercial manufacturing facility at the Instil Bio Life Sciences Campus in Tarzana, CA. CBRE’s Andrew Riley and Jeff Pion arranged Instil Bio’s original acquisition of the property on Oxnard Street, and with clinical manufacturing operational, the new financing will support the commercial manufacturing build-out.
CBRE’s Greg Grant arranged the five-year, floating rate, interest only, non-recourse loan on behalf of the borrower. “Threre is an abundance of financing capital in the market for high-quality, purpose-built, life sciences projects, and it is exciting to see more properties like this take shape in the Los Angeles area,” said Grant in a news release.
According to CBRE research, the LA-OC region boasts the second-most annual graduates in biological and biomedical sciences in the U.S. and the fifth-largest pool of life sciences research talent. Instil Bio is a clinical-stage biopharmaceutical company focused on developing innovative cell therapies in the fight against cancer.
Pictured: Rendering of the Instil Bio Commercial Manufacturing Facility
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.