Done Deals: MetLife Investment Management provides $52.76 million loan for Research Triangle lab conversion

Martha Nay

BOSTON, MA – JLL Capital Markets announced it has arranged $52.76 million in financing for Perimeter’s Edge, a flex/office, lab-convertible portfolio totaling 341,547 square feet across four buildings in Morrisville, North Carolina.

JLL worked on behalf of the borrower, Longfellow Real Estate Partners, to secure the five-year, floating-rate acquisition loan through MetLife Investment Management.

Greg LaBine

Loan proceeds were used to acquire the property and fund the forthcoming lab conversion. Brigitte Burkett originated the loan for MetLife Investment Management

According to JLL Research, life sciences real estate capital markets are well positioned for relative outperformance in 2020.

Perimeter’s Edge consists of 2450 and 2600 Perimeter, 507 Airport Boulevard and 515 McCrimmon Parkway, which are all located within Perimeter Park, one of the Research Triangle’s largest office parks comprising more than three million square feet.

This location is just minutes from Raleigh-Durham International Airport, North Carolina State University, Duke University and University of North Carolina at Chapel Hill.

Additionally, the property has superior access to Interstates 40 and 540 providing connectivity throughout the Raleigh-Durham area, which is one of the nation’s top life science markets.

JLL’s Capital Markets team representing the borrower was led by Managing Directors Greg LaBine and Roger Edwards and Senior Director Martha Nay.

Roger Edwards

“This transaction is the perfect reminder that relationships matter,” LaBine added. “At the height of the pandemic when capital was scarce, the team at MetLife Investment Management was ready to support Longfellow, even during tumultuous times.

"We are pleased that MetLife Investment Management and Longfellow have renewed that relationship, and it has already fostered additional business between the two firms.”

“Longfellow continues to see attractive opportunities in the life science sector and having capital sources that understand our business plan and conversion strategy is crucial,” said Joe Van Saun, Partner at Longfellow Real Estate Partners.

“The JLL team has worked diligently with us over the years to foster our relationship and this latest transaction with MetLife is a testament to those efforts.”

“Record highs in both VC and IPO funding, which pay the rent for many life science companies, should translate to robust NOI potential in the near to medium term,” added Audrey Symes, Research Director, JLL Healthcare and Life Sciences.