Breakthrough Properties And Tishman Speyer Provide $90 Million Mezzanine Loan To Gemdale USA In San Diego

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.