Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FREDERICK, MD-Matan Cos. teamed up with equity provider Federal Capital Partners to secure $52 million in construction financing to build a 330,000 square foot Advanced Technology Research Facility at Riverside Research Park here. The government is also contributing to the development costs, a source familiar with the deal tells GlobeSt.com. Despite the assist from the public sector, the transaction is notable: it is one of a few, if not only, major projects to receive construction financing in the area this year.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.