Former Bristol Myers Squibb Campus Owners Receive $ 76 Million Loan

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New Jersey Campus (Getty, JLL)

New Jersey Campus (Getty, JLL)

HIG Realty Partners and Lincoln Equities Group received a $ 76 million loan to finance the acquisition and overhaul of a life sciences campus in Hopewell, New Jersey.

Funding from ArrowMark Partners was confirmed by Lance Bergstein, Acquisition and Development Officer in East Rutherford, NJ. Lincoln Equities Group

Newmark’s debt and structured finance group led by Dustin Stolley and Jordan Roschlaub completed the deal.

In June 2020, a partnership between HIG and Lincoln acquired the former 1.1 million square foot Bristol Myers Squibb campus at 311 Pennington Rocky Hill Road for $ 32 million, according to property records.

The proceeds from the loan will be used to finance the acquisition costs, which were originally funded from equity, as well as for the leasing and overhaul of the project.

Garden State was known as the national first aid kit, but that status has deteriorated in recent years when several large pharmaceutical companies have moved to Cambridge, Massachusetts, or San Francisco. But with natural Sciences The sector is thriving even amid the pandemic, Bergstein said, with New Jersey poised to attract biotech companies funded by inflows of venture capital money.

“We are very optimistic about the idea that midsize to mid-sized biotech companies that are in Phase II and III clinical trials will be recruited to New Jersey because of their price bracket and labor force availability,” he said. said.

Early 2020 Bristol Myers Squibb vacated a 266-acre campus and moved to a new 650,000-square-foot building in the neighboring town of Lawrence.

Hopewell’s 266 acres campus includes research and development centers, offices, a data center and its own central utility complex that provides electricity, chilled water and steam.

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