MORRISVILLE — King Street Properties secured $237.7 million in financing for the first phase of its Pathway Triangle advanced-manufacturing campus, backing 581,789 square feet of completed and active construction in Morrisville.
JLL Capital Markets said it arranged the loan from Starwood Property Trust for King Street. The financing covers four Phase I buildings at the campus near Raleigh-Durham International Airport.
Two buildings totaling 377,111 square feet have been completed and are 73% leased, according to JLL. Building 1 spans 175,222 square feet and is partially leased to Liquidia Pharmaceuticals, which plans to use the space for manufacturing tied to YUTREPIA. The 201,889-square-foot Building 2 is fully leased to Novartis.
Construction began during the third quarter on the other two Phase I buildings. Building 4 is planned at 148,434 square feet, while the 56,244-square-foot Building 7 has been preleased to Novartis.
Commercial Property Executive independently reported the loan amount, lender, campus size, tenants and construction status. JLL also said a planned second phase would bring the campus above 950,000 square feet, but the available sources do not establish that the new loan finances Phase II.
The North Carolina business consequence is a completed nine-figure debt transaction supporting active life-sciences and advanced-manufacturing construction in Morrisville. The financing reinforces a campus already anchored by Novartis and Liquidia, although the announcement did not disclose new employment commitments.