By Mark Heschmeyer CoStar News
Ventas and partner GIC have refinanced $425 million in debt on three university-leased life sciences buildings in Pennsylvania through a $475 million transaction on the commercial mortgage-backed securities market. The investors pulled out $40.5 million in cash as part of the deal.
Long-term leases with Drexel University in Philadelphia and the University of Pittsburgh in Pittsburgh support the refinancing.
Wells Fargo and JPMorgan Chase originated the four-year, interest-only CMBS loan at 5.75%, according to a KBRA analysis of the upcoming bond offering.
The portfolio includes two properties totaling 811,025 square feet — a single building in Philadelphia and a two-building property in Pittsburgh.
In Philadelphia, Drexel Academic Tower accounts for 52% of the collateral. Drexel fully occupies the roughly 460,000-square-foot complex under a lease running through July 2052. The university's lease extends 23 years past loan maturity, according to KBRA.
Drexel consolidated three academic units in the building: its nursing and health professions college, medical school, and biomedical sciences graduate program.
The Assembly in Pittsburgh comprises about 350,000 square feet across two connected buildings. Assembly I is a former century-old Ford plant converted into about 234,500 square feet of lab and office space. Assembly II, with about 115,600 square feet, was completed in 2022.
The University of Pittsburgh leases all of Assembly I through February 2038, according to KBRA. The space houses wet and dry labs, classrooms, faculty offices and a 250-seat auditorium.
Apple occupies about 72,000 square feet in Assembly II, according to CoStar data. Biohaven Pharmaceuticals holds the remaining 36,445 square feet through November 2035.
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