Gemdale USA has secured $90 million in mezzanine financing to refinance the Aperture Del Mar property, a 538,000-square-foot Class A life sciences campus which recently opened in San Diego, California. The loan was provided by Tishman Speyer and Breakthrough Properties – whose life sciences joint venture vehicle is with Bellco Capital – to repay existing debt. Breakthrough’s investment is being financed from a life sciences fund that saw its first close at the end of 2025. No broker was named for the transaction. The news was first reported by PERE.
Randall Rothschild, Global Head of Debt at Tishman Speyer Global, highlighted that Breakthrough Properties already possesses extensive experience in the life sciences market. The joint venture has previously financed several life sciences facilities in the San Diego region. He described the San Diego region as one of the epicentres for the continued growth of this asset class.
Rothschild expressed satisfaction that they were able to offer a creative financing solution that supports the continued development of a first-class life sciences project in one of the country's leading innovation markets. Aperture Del Mar, located at 6040 Edgewood Bend Court in San Diego, completed its first phase of construction in 2021 and began leasing in 2023. The life sciences campus is divided into four laboratory buildings and separate office spaces and is 100 per cent occupied by Neurocrine Biosciences, a leading biopharmaceutical company. Neurocrine Biosciences will use the site as its global headquarters until 2036.
Dan D’Orazi, Chief Investment Officer of Breakthrough Properties, emphasised that Aperture Del Mar offers a true Class A campus environment and that Neurocrine, with its more than thirty-year history in San Diego, is one of the region’s leading biotechnology companies. In addition to the five distinct buildings, the campus includes a fitness centre, a yoga studio, an outdoor event lawn, a private courtyard, and an underground car park with 1,500 spaces.
Since its founding in 2019, Breakthrough Properties has acquired or invested in life sciences campuses in San Diego and La Jolla, such as Torrey Heights, Callan Ridge, MUSE, Torrey Plaza, and Governor Pointe. Tenants in these properties include companies like Pfizer, Novartis, Merck, and Waters.
- —Campus size: 538,000 square feet
- —Number of buildings: Four laboratory buildings and a separate office building
- —Key tenant: Neurocrine Biosciences (100% occupied)
- —Amenities: Fitness centre, yoga studio, event lawn, private courtyard, underground car park with 1,500 spaces
