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8/03/26
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Gemdale USA has obtained a $90 mil mezzanine bridge loan for Aperture Del Mar, a newly constructed, 538k sf Class A life science campus in San Diego. The financing, provided by Breakthrough Properties and Tishman Speyer, will be used to refinance an existing loan.
Photo: Ian Patzker Photography |
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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 Aperture Del Mar campus features a standalone fitness center with a yoga studio and juice bar, an outdoor event lawn, private patios and courtyard and a 1,500-stall parking garage.
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, Torrey Plaza and Governor Pointe, which are located in prime submarkets and leased to industry-leading companies such as Pfizer, Novartis, Merck and Waters. This 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. The vehicle acquires previously originated loans in the secondary market and originates new commercial real estate loans tied to institutional-quality residential, industrial, life science, office and other mixed-use projects and portfolios across the United States’ top cities. The platform targets a wide range of debt investments, including whole loans, subordinate and mezzanine debt, preferred equity, construction loans and purchases of legacy loans or loan portfolios.
“As a dedicated life science investor with deep experience in San Diego’s established biotechnology ecosystem, we are able to leverage firsthand market knowledge and real-time insights to identify compelling investment opportunities across a range of asset profiles,” said Dan D’Orazi, Chief Investment Officer of Breakthrough Properties. “Aperture Del Mar offers a true Class A campus environment, and Neurocrine, with more than three decades of history in San Diego, is one of the region’s marquee biotechnology companies.”
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