Los Angeles, CA (June 1, 2021) – Mesa West Capital has provided Longfellow Real Estate Partners (“Longfellow”) with a $178 million first mortgage loan to recapitalize costs associated with its recent acquisition and to fund the planned repositioning of the San Mateo Bay Center, a 235,911-square-foot office campus in San Mateo, CA.
A portion of the proceeds from the five-year, floating rate loan will be used by Longfellow to convert the property from conventional office to a life science and laboratory facility. San Mateo Bay Center is located in the mid-peninsula Foster City/San Mateo life science market with an inventory of nearly two million square feet of life science space, anchored by the 1.4 million-square-foot world headquarters campus for Gilead Sciences.
“The Property is located in one of the strongest life science markets in the Bay Area, one of the most talent-rich life science environments in the world,” said Director Josh Westerberg out of the firm’s San Francisco office, who along with Principal Ronnie Gul, led Mesa West’s origination team. “Longfellow is a premier developer and operator in the life science sector and has built a vertically integrated team with a proven ability to execute. Their experience is critical to the success of projects like San Mateo Bay Center.”
Since its founding in 2009, Boston-based Longfellow has become one of the leading owners and operators of life science facilities, with a portfolio of approximately six million square feet of space located in the nation’s top technology and life science clusters including Boston, San Francisco, San Diego and Raleigh/Durham.
“San Mateo is home to one of the most rapidly emerging life science communities in the country,” said Adam Sichol, CEO of Longfellow. “The loan from Mesa West Capital will enable us to transform the San Mateo Bay Center into a premier life science campus that will best serve the region’s leading bio innovation companies.”
Developed in 1984, San Mateo Bay Center features two seven-story office towers located at 901 and 951 Mariner’s Island Boulevard. Amenities include showers, fitness center, café and outdoor patio space.
Ramsey Daya of Newmark Knight Frank arranged the financing. Mark Osher with Gibson, Dunn, and Crutcher LLP represented Mesa West Capital on the transaction.
About Mesa West Capital, LLC
Mesa West Capital (www.mesawestcapital.com) is a leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago and San Francisco, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-added or transitional properties throughout the United States. Mesa West’s lending portfolio includes all major property types with loan sizes ranging from $20 million up to $400 million. Since its inception, the firm has sourced and closed more than 300 transactions totaling over $20 billion.