Capital One announced it participated in a $430 million syndicated loan to finance Phase 1 of the Gateway of Pacific campus in San Francisco for BioMed Realty, a Blackstone portfolio company. The financing was provided by a syndicate of banks led by JPMorgan Chase Bank.

Last year, Blackstone executed a 480,000-square-foot lease with AbbVie, representing 94 percent of Phase 1. Construction of Phase I broke ground in May 2017, and completion of core and shell work is expected in the second half of 2019.

“The transaction highlighted the experience and versatility of Capital One’s dedicated healthcare team,” said Erik Tellefson, Managing Director, Capital One Healthcare. “We worked closely and efficiently with JPMorgan and Blackstone to execute the syndication process in as timely a manner as possible.”

Blackstone is one of the world’s largest investment firms with over $430 billion of assets under management in the United States, Europe, Asia and Latin America. In 2016, Blackstone acquired BioMed Realty, the second-largest commercial owner of office and laboratory space in the United States. It owns and operates high-quality life science real estate comprising in excess of 11 million square feet in the United States and the United Kingdom.

“We are extremely pleased with the strong execution on the financing front,” said John Lu, Executive Vice President and Chief Financial Officer of BioMed Realty. “We thank our banking partners for their strong support of this important new development.”