Newmark arranges $ 76 million loan for life sciences acquisition


Newmark, on behalf of HIG Realty Partners (HIG) and Lincoln Equities Group (Lincoln), arranged an acquisition financing for Princeton West Innovation Campus (PWIC) in Hopewell, New Jersey.

The JV acquired the former global R&D headquarters from Bristol-Myers Squibb last summer when the pharmaceutical giant moved to nearby Lawrence.

HIG and Lincoln were able to pre-lease 220,000 s / f of the 1.11 million square foot campus to PTC Therapeutics and an additional 62,000 s / f to Passage Bio.

Newmark said it arranged $ 76 million in debt financing with Denver-based ArrowMark Partners to fund acquisition costs, cover contractual and speculative lease costs and capital improvements, as well as fund a reserve. interest and deferral. Newmark’s Newmark Debt & Structured Finance team led by Dustin Stolly and Jordan Roeschlaub managed the assignment.

The life sciences campus totals 1.11 million square feet in 33 buildings located on 433 acres comprising a state-of-the-art clinical manufacturing facility, R&D laboratories, R&D support, offices, parking and a global data with 24/7 operation. The campus is less than 10 miles from Princeton and Princeton University, benefiting from the amenities and talent pool they both offer.

The property was the former global R&D headquarters of Bristol-Myers Squibb (BMS) until early 2020, when BMS consolidated operations and left campus after opening a new 650,000 s / f facility nearby .

The campus is supported by its own central utility complex (CUC), which provides direct wastewater management to tenants (enables clinical and commercial manufacturing uses), generator-powered electricity, water refrigerated and steamed.

Other on-site amenities include a full-service cafeteria, 8,000 square foot fitness center; a 28,000 square foot freestanding children’s development center; and several conference spaces, including a 9,000 square foot mansion, the original campus building. The substantial infrastructure and out-of-the-box R&D space reflects the previous owner’s significant capital investment of $ 600 million and more, including $ 80 million and more in the past four years alone.

Lincoln also currently owns and operates a 500,000 square foot life sciences office and R&D campus on Fiderne Avenue in Bridgewater, New Jersey.

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