Breakthrough Properties and Tishman Speyer announced a joint investment in a $90-million mezzanine bridge loan for Aperture Del Mar, a newly constructed, 538,000-square-foot Class A life science campus in San Diego. The borrower, Gemdale USA, will use the proceeds to refinance an existing loan.
The four-building lab and office campus in Del Mar Heights is fully occupied by Neurocrine Biosciences, a leading biopharmaceutical company dedicated to discovering, developing and commercializing life-changing treatments for patients with under-addressed neurological, psychiatric, endocrine and immunological disorders. Aperture Del Mar serves as Neurocrine’s mission-critical global headquarters as part of a lease that runs through 2036.
The loan is part of Breakthrough’s second life science fund, which held its first close at the end of 2025. Tishman Speyer participated through its recently established debt platform. Breakthrough is a joint venture of Tishman Speyer and Bello Capital, and has several San Diego-area properties.
The post Breakthrough Properties, Tishman Speyer Provide $90M Mezz Loan for Life Science Campus appeared first on Connect CRE.
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