San Carlos, CA
April 24, 2022
With a vacancy rate of 1% or less for modern lab space in the San Francisco Peninsula life sciences marketplace, this project is uniquely positioned for success with expectations that it will be pre-leased once construction commences, and a delivery timeline can be more realistically established.
Presidio Bay Ventures JV Set for Adaptive Redevelopment of Former Auto Dealership with New Construction that Recycles an Existing Structure into a Modern, Four-Story, 140k-SqFt Lab Facility
San Carlos, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $118.5 million of construction financing for the development of a 140,000-square-foot, four-story, life sciences formatted lab building. Located at 777 Industrial Blvd in San Carlos, CA, the location sits in the heart of the San Francisco Peninsula’s life sciences industry cluster, a marketplace stretching along the 101 freeway corridor between the prestigious life science-focused universities of UCSF to the north and Stanford to the south. The project will incorporate an existing three-story, steel-framed building into the new project design, with construction set to produce a modern, USGBC LEED certified facility.
Gantry Principals Jeff Wilcox and Mark Ritchie, supported by Associate Isabelle Beckmann, secured the financing on behalf of the developer, a joint venture of Presidio Bay Ventures and Kinship Capital. The three-year construction loan with extension options was provided by Square Mile Capital Management, a New York-based debt fund active in both the debt and equity space. Since the beginning of 2022, Gantry production teams have secured $166 million of construction financing for projects in various asset classes, including R&D/Life Sciences and multifamily.
According to Gantry’s Jeff Wilcox, “Presidio Bay Ventures is an experienced Bay Area developer working with an experienced capital partner in Kinship Capital to meet the continued, generational demand for life sciences lab properties on the San Francisco Peninsula with a new, well timed spec development. With a vacancy rate of 1% or less for modern lab space in the San Francisco Peninsula life sciences marketplace, this project is uniquely positioned for success with expectations that it will be pre-leased once construction commences, and a delivery timeline can be more realistically established. In today’s marketplace, construction financing options remain abundant from a variety of capital sources for projects like this that feature experienced sponsorship operating in markets where strong fundamentals point to project relevancy and pent-up demand.”