Breakthrough Properties and Tishman Speyer have made 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 global headquarters as part of a lease that runs through 2036.
Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, develops and owns life science real estate in San Diego and other leading innovation markets around the world. Its local portfolio includes Torrey Heights, Callan Ridge, MUSE, T
