Bellde­grun-backed biotech re­al es­tate group nabs $130M to con­struct eight-sto­ry hub in Philly

From Boston to San Diego, biotech builder, land­lord and Kite founder Arie Bellde­grun and his son, Dan, have built or re­made spaces for the in­dus­try over the past few years — and now Break­through Prop­er­ties is mov­ing in­to Philadel­phia.

On Wednes­day, the com­pa­ny, backed by Tish­man Spey­er and Bell­co Cap­i­tal, an­nounced it had closed fi­nanc­ing and start­ed con­struc­tion on a life sci­ence build­ing “in the heart” of Philadel­phia’s Cen­ter City Dis­trict thanks to a $130 mil­lion con­struc­tion loan from Core­bridge Fi­nan­cial.

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