Of course the project is hardly run of the mill, which no doubt accounts at least in part for the banks' willingness to underwrite it. The site is being developed for the National Cancer Institute, for the purpose of bringing together life science and advanced technology companies for research. The office and lab facility, which has just now begun construction, is slated for delivery in mid-2011.
Located within the 177-acre Riverside Research Park, the project has the potential to expand even more in the medium term: plans call for an additional 570,000 square feet--space to accommodate partner companies collaborating on cancer cure research. JP Matan tells GlobeSt.com that there is no definitive agreement in place with a private sector company for additional development right now.
"However the plan hinges on bringing in partners, so I do believe that will move forward sooner rather than later," he explains. At full build-out the facility will be situated on 62-acres.
Matan Cos.' Financing Manager Dan Milligan declined to provide further details about the deal's capital stack structure--that is, how much equity FCP and Matan kicked in, and more specifics about the government financing.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
