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Breakthrough Properties and Tishman Speyer back $90M mezz loan
The $90 million mezzanine bridge loan will fund a refinance for a newly built 538,000-square-foot life science campus in San Diego.
Breakthrough Properties and Tishman Speyer are backing 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, according to ConnectCRE.
The borrower, Gemdale USA, plans to use the proceeds to refinance an existing loan tied to the four-building lab and office campus in Del Mar Heights, which is fully occupied.
Aperture Del Mar functions as Neurocrine Biosciences' mission-critical global headquarters, under a lease that runs through 2036.
ConnectCRE reports the loan is part of Breakthrough's second life science fund, which held its first close at the end of 2025, and that Tishman Speyer participated through its newly established debt platform.