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Breakthrough Properties, Tishman Speyer Provide $90M Mezz Loan for Life Science Campus

Breakthrough Properties and Tishman Speyer announced 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 mission-critical global headquarters as part of a lease that runs through 2036.

The 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. Breakthrough is a joint venture of Tishman Speyer and Bello Capital, and has several San Diego-area properties.

Read More News Stories About: Tishman Speyer
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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