Keystone Development + Investment secures $265m loan to expand life science conversion

Keystone Development + Investment has secured a $265.2 million loan from Nuveen Real Estate, an affiliate of Teachers Insurance & Annuity Associates of America (TIAA), to expand its Life Science conversion of The Curtis in Philadelphia, and to construct the mission-critical infrastructure required for the surging demand for lab space.

A portion of the funding will be allocated to infrastructure upgrades and leasing costs at The Curtis, validating the firm’s approach to adaptive reuse at a time when economic conditions make refinancing challenging. The proceeds of Nuveen’s loans are intended to provide sufficient capital to convert 200,000 square feet of space at The Curtis to cGMP and research laboratories over the next several years.

After purchasing the property in 2014, Keystone revitalized the ground-floor streetscape and building atrium, transformed existing office space into luxury residential units, and converted the former printing press space to wet la