Seattle Office Park Lands $110M Refi
- Nov 19, 2019
Lionstone Investments and Talon Private Capital have received $110 million in refinancing for the 513,385-square-foot Bellefield Office Park in Bellevue, Wash. JLL represented the joint venture and secured the loan through Bank of America.
The finance will retire an existing $77.5 million loan the owners received in 2016 from Prudential Financial, Yardi Matrix data shows. Recently, in a similar transaction, JLL arranged a $140 million loan for GreenStreet, a 617,000-square-foot mixed-use asset in downtown Houston.
Located at 1150 114th Ave. SE in Seattle’s eastside market, the asset is less than a mile from Interstate 405 and is close to a dense residential area. The office complex comprises 15 one-, two- and three-story buildings spread across a 56-acre site and completed in phases 1972, 1975, 1980 and 1983, according to Yardi Matrix information. The asset, which underwent renovations between 2013 and 2017, includes amenities such as new fitness center, conference facilities, electric car charging stations and monthly on-site mechanic service.
Currently, the property is 96 percent leased to a tenant roster of companies in the tech, real estate, law, health services and financial services industries. Senior Managing Directors Colby Mueck and Tom Wilson and Associate Laura Sellingsloh from JLL worked on behalf of the borrowers.