Birch Capital participated in a secured loan to finance the construction of the first building of the University of Miami Life Science and Technology Park, within the Miami, Florida Health District. The land that comprises the UM Life Science and Technology Park is owned by the University of Miami.
The building consists of a six‐story research/clinical building comprising approximately 252,000 rentable square feet and houses biomedical research and development uses of the University of Miami’s Medical School, the Cambridge Innovation Center of Miami (CIC) along with supporting activities. CIC Miami hosts a diverse set of entrepreneurs within the life sciences, technology, and other sectors, as well as investors, accelerators, and educational institutions.
The facility’s construction began in March 2010 and was completed in 2011. The total development budget was $107 million. Biomed Realty Trust acquired the developer, Wexford Science & Technology, LLC; the building was subsequently sold to the Ventas REIT for $220 million. The Birch loan was repaid in full in 2016.