Seattle Office Asset Lands Refinancing
- Sep 25, 2015
An office/flex building in suburban Seattle has landed a $7.95 million refinancing.
Working on behalf of Nexus Snoqualmie LLC, HFF has arranged refinancing for Snoqualmie Ridge—a two-story, 76,662-square-foot property in Snoqualmie, Wash. The brokerage firm placed the ten-year, fixed-rate loan with a national lender. According to HFF, loan proceeds will be used to replace a maturing CMBS loan from a 2005 recapitalization.
The 14-year-old office/flex building occupies 4.11 acres in Seattle’s Eastside area, at 8226 Bracken Place SE. Located within the Snoqualmie Ridge Business Park in the I-90 corridor, the property is 94.8 percent leased to tenants such as Zetec Inc.—who is headquartered in the building, Sherwin-Williams, and Eastside Psychological Associates.
The refinancing deal was secured with the help of an HFF debt placement team led by Senior Managing Director Tim Wright and Director Zack Holderman.
Image courtesy of Nexus Properties Inc.