Square Mile, Bank OZK originate a $202m construction loan for life science development

The financing is one of the final deals of 2022 for Square Mile, a New York-based investment manager.

New York-based Square Mile Capital and Bank OZK, a regional bank based in Arkansas, have originated a $202.6 million loan to finance the construction of Bioterra, a life science development in San Diego’s Sorrento Mesa submarket. The financing was arranged by Aldon Cole and Patrick Burger of JLL’s San Diego office.

The life science development, which has been under construction by sponsor Longfellow Real Estate Partners since August, is going to be a six-story campus with state-of-the-art labs and office areas. It also features amenities including subterranean parking, conference facilities and full-service gyms.

Bioterra also takes the environmental and social impact into construction consideration by designing to LEED Gold Certification and Fitwel standards. By completion, this 316,000-square-foot property is also going to be the first all-electric HVAC (heating, ventilation and air conditioning) life science building in San Diego.

The development is expected to be completed in Q3 2024.

Sorrento Mesa has become one of the emerging centers for life science tenants, benefiting from the low vacancy rates of other submarkets in San Diego.