Starwood Property Trust Provides $237.7 Million Refinancing for Morrisville Life Sciences Campus

King Street Properties has successfully secured $237.7 million in refinancing for the first phase of its Pathway Triangle campus, a substantial advanced manufacturing and life sciences facility located in Morrisville, North Carolina. Starwood Property Trust provided the debt for the four-building campus, which spans nearly 582,000 square feet and is anchored by major tenants like Novartis and Liquidia Pharmaceuticals.

The JLL Capital Markets team, including Brett Paulsrud, Amy Lousararian, Andrew Gray, Ward Smith, Hugh Doherty, and Libby Horton, arranged the transaction. Pathway Triangle is strategically situated at 1000 Science Drive within North Carolina’s renowned Research Triangle, a prominent U.S. biomedical hub. The area benefits from significant state grants and private investment, and the campus offers convenient access to major transportation routes and the Raleigh-Durham International Airport.

Upon completion of its second phase, the entire Pathway Triangle campus is projected to exceed 950,000 square feet. This refinancing underscores continued investor confidence in the life sciences and advanced manufacturing sectors, particularly in established biomedical markets like the Research Triangle, offering stability for developers and lenders.