Updated Jul 24, 2026
Breakthrough Properties And Tishman Speyer Provide $90 Million Mezzanine Loan To Gemdale USA In San Diego
6040 Edgewood Bend Court
$90,000,000
$167/SF
Building Size
538,000 SF
Asset Type
Life Sciences
Closing
Jul 23, 2026
About this deal
AI
The asset involved in this transaction is a life sciences campus located at 6040 Edgewood Bend Court in San Diego, CA. The facility encompasses 538,000 square feet and is fully leased to Neurocrine Biosciences, which has secured a lease through 2036. This Class A campus serves as the global headquarters for Neurocrine Biosciences.
Summary of transaction details:
- Property Type: Life Sciences
- Transaction Amount: $90,000,000
- Lender: Dan Belldegrun - Breakthrough Properties
- Lender: Randall Rothschild - Tishman Speyer
- Landlord: Yi “Jason” Zhu - Gemdale USA
- Loan Type: Mezzanine
This transaction involved a joint provision of a mezzanine bridge loan from Breakthrough Properties and Tishman Speyer to Gemdale USA. The loan is aimed at refinancing existing debt secured by the Aperture Del Mar life science campus.
Players
San Diego Life Sciences Market Snapshot
Boundary boundary · Life Sciences · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93