Longfellow Secures $ 53 Million Loan for Life Sciences Conversion in North Carolina


The borrower has received variable rate financing over five years for the acquisition and planned conversion of the portfolio of four buildings.

Edge of the perimeter. Image via Google Street View

Longfellow Real Estate Partners received a $ 52.76 million loan for the acquisition and repositioning of Perimeter’s Edge, a flexible / office portfolio comprising 341,547 square feet spread over four buildings in Morrisville, NC JLL arranged the financing at five-year variable rate provided by MetLife Investment. The new owner plans to reuse the asset in a life sciences campus.

The properties are located at 2450 and 2600 Perimeter Park Drive, 507 Airport Blvd. and 515 McCrimmon Parkway, in Perimeter Park. The more than 3 million square foot office park is one of the largest in the Research Triangle.

Perimeter’s Edge is less than 3 miles from Raleigh-Durham International Airport, with Highways 540 and 40 nearby. Central Raleigh, North Carolina and Durham, North Carolina, with their university hubs, are within 15 miles of the site.

JLL CEOs Greg LaBine and Roger Edwards, as well as Senior Director Martha Nay represented the borrower. MetLife Associate Director Brigitte Burkett is the originator of the credit. Earlier this year, JLL and MetLife partnered to finance the acquisition of another asset in North Carolina. The development of three mixed-use buildings in Metropolitan Midtown changed hands for $ 90 million.

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