CBRE Lines Up $49M Loan for Seattle Mixed-Use Project

Working on behalf of Kennedy Wilson, the company has secured the acquisition financing for a nearly 422,000-square-foot office and warehouse property in Redmond, Wash.
Willows Commerce Park
Willows Commerce Park

CBRE has arranged the $48.9 million sale of Willows Commerce Park, a Class A, 421,415-square-foot office and warehouse property in Redmond, Wash. Brad Zampa, Mike Walker and Megan Woodring of CBRE’s San Francisco office arranged the five-year, non-recourse, full-term interest only, floating-rate acquisition financing. CBRE worked on behalf of the borrower, Kennedy Wilson’s Fund V.

Located at NE 9845 Willows Rd., the mixed-use asset is minutes away from downtown Redmond and downtown Kirkland and offers access to the regional transportation corridors of I-405 and SR-520. Willows Commerce Park is 13 miles away from the Boeing Field/King County International Airport and in close proximity to Lake Washington Technical College and Northwest University. The property includes a mix of tenants such as Microsoft, Oculus, Digipen and Labcorp.

“In this phase of the cycle we have been continually surprised by a steady stream of new outlier capital sources reaching into our west coast markets. We are seeing an increase of competitively priced proposals from lesser known balance sheet lenders headquartered in both the mid-west and east coast who are seeking new lending relationships with best-in-class west coast sponsors.   It is always especially fulfilling to successfully create new banking relationships for our most valued Institutional clients, “ Brad Zampa, executive VP of CBRE, said in a statement.

The company recently arranged leasing efforts for Salesforce Tower, a $1 billion project reshaping San Francisco’s skyline.

Image courtesy of Yardi Matrix