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Gemdale USA secures $90M mezzanine refi for Aperture Del Mar labs
The $90 million mezzanine loan from Tishman Speyer and Bellco Capital will refinance existing debt for the 538,000-square-foot San Diego life sciences campus.
Commercial Observer reports Gemdale USA has secured $90 million in mezzanine debt to refinance Aperture Del Mar, a 538,000-square-foot Class A life sciences campus in San Diego, California. The financing is intended to refinance the project’s existing debt.
The loan was provided by Tishman Speyer and Bellco Capital through their Breakthrough Properties joint venture vehicle, with funds financed out of a life sciences fund Breakthrough Properties closed in late 2025. Commercial Observer notes that Breakthrough Properties has already financed multiple life sciences assets in the San Diego area.
Aperture Del Mar, located at 6040 Edgewood Bend Court, completed its first phase of construction in 2021 and began leasing in 2023. Commercial Observer says the campus is 100 percent occupied by Neurocrine Biosciences, which will use the site as its global headquarters through 2036.
The campus is divided among four lab buildings and a separate office space, and it includes amenities such as a fitness center, yoga studio, event lawn, private courtyard, and a 1,500-space parking garage. Commercial Observer adds that since Breakthrough Properties was founded in 2019, it has owned or invested in several San Diego and La Jolla life sciences campuses leased to firms including Pfizer, Novartis, Merck, and Waters.