National Cancer Institute (NCI)

Transaction: Joint Venture Partnership to develop the build-to-suit National Cancer Institute’s Advanced Technology Research Facility

Asset Summary: 333,000 square foot biomedical office and laboratory facility

Location: 32-acre site at Riverside Research Park in Frederick, MD

Date Closed: October 2009

Investment Strategy:

• Partnered with The Matan Companies and provided critical equity capital (75% of equity capitalization) to develop a strategically important facility for the National Cancer Institute
• Secured a $52 million construction loan at a time when credit markets were in turmoil
• Underwrote a highly complex lease structure for a Federally Funded Research and Development Company (FFRDC)
• Closed on transaction in a timely manner, within government agency timeframes

Awards:

• Best 2009 Financing Deal from Washington Business Journal, Best Real Estate Deals

Exit Strategy:

• Core buyer, REIT’s, recapitalization opportunity