SAN DIEGO — Breakthrough Properties and Tishman Speyer have provided a $90 million mezzanine bridge loan for Aperture Del Mar, a Class A life sciences campus in San Diego. The borrower, Gemdale USA, will use the proceeds to refinance an existing loan.
Totaling 538,000 square feet, the four-building lab and office campus is fully occupied by Neurocrine Biosciences, a biopharmaceutical company. The campus features a standalone fitness center with a yoga studio and juice bar, outdoor event lawn, private patios, courtyard and a 1,500-stall parking garage. Aperture Del Mar serves as Neurocrine’s mission-critical global headquarters as part of a lease that funds through 2036.
Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, develops and owns life sciences real estate in San Diego and other markets around the world. Tishman Speyer directly participated in the financing through its recently established debt platform.