Transactions - MAY 3, 2021

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Bay Area life sciences development receives $400m construction loan

by Andrea Zander

Phase 3 Real Estate Partners and Bain Capital Real Estate have received a $400 million-plus construction loan for Genesis Marina, a to-be-built, waterfront class A+ life sciences campus totaling approximately 570,000 square feet in Brisbane, Calif.

Genesis Marina is located on an 8.7-acre site within South San Francisco’s life sciences cluster, which is rated the number two market in the United States. With limited nearby new development, Genesis Marina will provide a trophy life sciences campus offering.

“The financing opportunity for the Genesis Marina campus attracted a tremendous amount of interest as best-in-class life science developments are highly coveted at the moment,” noted Tim Wright, a senior managing director at JLL Capital Markets, which secured the construction loan. “We are really excited to witness Phase 3’s vision for Genesis Marina come to life as one of the newest trophy life science campuses in San Francisco’s life science cluster.

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