SAN DIEGO — HFF has arranged a $96.4 million loan for Genesis at Campus Point, a vacant, four-building office complex in the UTC submarket of San Diego, which will fund the complex’s conversion into a biotech space. The 311,022-square-foot campus is located at 4224, 4242 and 4244 Campus Point Court and 10210 Campus Point Drive.
The space is situated near the convergence of interstates 5 and 805 inside a life science cluster. Other notable tenants in the area include the University of California San Diego, Scripps medical campus, Illumina, Eli Lilly and Celgene.
The buildings will feature multiple conference rooms, an on-site café with indoor and outdoor seating, a full-service fitness center, large balconies and a combination of covered and surface parking.
HFF’s Tim Wright, Todd Sugimoto and Zack Holderman arranged the financing on behalf of the borrower, a partnership between Phase 3 Real Estate Partners and its institutional partner. The 36-month, floating-rate loan was placed with TPG Real Estate Finance Trust. Proceeds will be used to recapitalize the mid-year acquisition and fund the immediate repositioning costs of the asset.