Morgan Stanley Lands Giant Loan to BioMed
Morgan Stanley has agreed to originate an $840 million floating-rate debt package for Blackstone’s BioMed Realty on a fully leased office/laboratory property in Boston.
The bank will securitize the senior portion in a stand-alone offering and place the junior component with one or more investors. The debt package will have a five-year term, including extension options.
The collateral is the 704,000-square-foot Center for Life Science Boston. The tenants include Beth Israel Deaconess Medical Center, Boston Children’s Hospital, Dana-Farber Cancer Institute and the Immune Disease Institute.
Blackstone acquired BioMed in January 2016 for $8 billion. The fund giant financed that purchase with multiple loans on the San Diego REIT’s 18.8 million-sf portfolio. Blackstone has been systematically refinancing those loans this year.
The 18-story building is at Three Blackfan Circle in the Longwood Medical Area, which has a concentration of life-science companies and research entities.