Square Mile, Bank OZK Provide $203M Loan for San Diego Life Sciences Project
Longfellow Real Estate Partners has secured a $202.6 million construction loan for Bioterra, a 316,000-square-foot life science development in San Diego.
Square Mile Capital and Bank OZK provided the loan, according to an announcement from the lenders. JLL (JLL) brokered the deal with a team led by Aldon Cole and Patrick Burger.
“We remain confident about investing in high-quality, purpose-built lab projects in top life science markets, and this project fits squarely within that objective,” Tom Burns, a managing director at Square Mile, said in prepared remarks. “We are thrilled to partner with Longfellow Real Estate Partners to deliver what will be one of the most prominent new projects of its kind in the broader San Diego life science market.”
Located at 5889 Oberlin Drive, Bioterra is a six-story campus that broke ground in August. It will feature lab and office space with three stories of underground parking and amenities such as coffee bar, conference facilities, a full-service gym with outdoor space for fitness classes, and a full-service restaurant with a “renowned chef,” per the announcement. The project is anticipated to be completed in the third quarter of 2024.
Officials at Bank OZK (OZK) and Longfellow Real Estate Partners did not immediately respond to requests for comment.
Emily Fu can be reached at efu@commercialobserver.com.
