A 223,000ft² life science project being developed by Breakthrough Properties in Philadelphia’s Center City West submarket has secured $130m worth of construction financing.
The project at 2300 Market is situated in the centre of the Market Street Corridor and just steps away from Amtrak’s 30th Street Station and the University of Pennsylvania.
The 2300 Market site is located at the intersection of University City’s eastward life sciences district and Center City’s westward commercial and residential district.
Financing for the construction of the project was arranged by Philadelphia-based D2 Capital Advisors and provided by Corebridge Financial.
The eight-storey life science building will feature flexible open-floor plans customised specifically for the life science tenant base in Philadelphia.
This purpose-built facility has access to transit and various other amenities due to its central location.
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Breakthrough bought the site in December 2021.
D2 Capital Advisors served as a consultant for Breakthrough regarding the site selection, as well as being the debt financing advisor for the project.
The project’s construction is underway with an estimated tenant fit-out in May to September of 2024.
Hunter Roberts has been appointed as construction manager, KieranTimberlake as the project architect, and Cushman & Wakefield as the sole leasing agent.
Breakthrough Properties CEO Dan Belldegrun said: “D2’s local expertise and market insight were extremely valuable to Breakthrough throughout both the acquisition and financing process.
“Their team’s flexibility, creativity, and understanding of our business helped make it possible for us to obtain financing in this complex lending environment.”