Newmark has arranged $76 million in acquisition financing for a life sciences campus in Hopewell, it announced this week.
The real estate firm worked on behalf of H.I.G. Realty Partners and Lincoln Equities Group on the financing for Princeton West Innovation Campus, a 1.11 million-square-foot, 33-building complex that includes a clinical manufacturing facility, research & development labs and facilities, and more, it said in a news release.
The debt financing comes from ArrowMark Partners, and will be used to cover acquisition costs, leasing costs, capital improvements and more. Newmark’s New York Debt & Structured Finance team handled the transaction.
“The exceptional track record and operational experience by the HIG and Lincoln team were imperative in getting lenders comfortable with an asset located in a market with limited data points and a ‘heavy lift’ business plan,” Vice Chairman Dustin Stolly said in a prepared statement.
HIG and Lincoln already have two tenants for the former Bristol-Myers Squibb R&D headquarters, preleasing 220,000 square feet to PTC Therapeutics and leasing 62,000 square feet to Passage Bio during the marketing process.