Longfellow Real Estate Partners has received a $202.6 million construction loan for Bioterra, a 316,000-square-foot life science development in Sorrento Mesa.
The loan was originated by Square Mile Capital Management, LLC and Bank OZK and arranged by Aldon Cole and Patrick Burger of JLL in San Diego.
“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,” said Tom Burns, managing director of Square Mile Capital.
Bioterra at the intersection of Oberlin Drive and Mira Mesa Boulevard is expected to be finished in the third quarter of 2024.
Burns said that Bioterra “will be one of the most prominent new projects of its kind in the broader San Diego life science market.”
The six-story project will be the first to have all-electric heating and cooling systems and is designed to LEED Gold Certification standards and Fitwel standards.