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Newmark arranges $76M life science acquisition loan

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

The JV acquired the former Bristol-Myers Squibb’s global R&D headquarters last summer when the pharma giant relocated to nearby Lawrence.

 HIG and Lincoln managed to pre-lease 220,000 s/f of the1.11 million square feet campus to PTC Therapeutics and an additional 62,000 s/f to Passage Bio.

Newmark said it arranged $76 million of debt financing from Denver-based ArrowMark Partners to fund acquisition costs, cover contractual and speculative leasing costs and capital improvements, as well as fund an interest and carry reserve. Newmark’s New York Debt & Structured Finance team led by Dustin Stolly and Jordan Roeschlaub handled the assignment.

The life sciences campus totals 1.11 million square feet across 33 buildings located on 433 acres consisting of a state-of-the-art clinical manufacturing facility, R&D labs, R&D support, office space, parking garage and a worldwide data center 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 Bristol-Myers Squibb’s (BMS) global R&D headquarters until early 2020 when BMS consolidated operations and vacated the 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 for tenants (allows for clinical and commercial manufacturing uses), generator-backed electricity, chilled water and steam.

Other on-site amenities include a full-service cafeteria, an 8,000-square-foot fitness center; a freestanding, 28,000-square-foot child development center; and multiple conference areas, including a 9,000-square-foot mansion, the campus’ original building. The substantial infrastructure and plug and play R&D space are reflective of the former owner’s significant $600M+ capital investment, including $80M+ over the last four years alone.

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

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