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7/13/15
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CBRE Capital Markets’ Debt & Structured Finance team has arranged $45 mil in refi money for Ridgewood Corporate Square, a seven-building, 242.1k sf office complex in Bellevue, WA.
Built in 1986, the property consists of all two- to four-story buildings. At the time of closing, the property was 100 percent occupied by a diverse roster of over 40 tenants.
Six of the seven buildings are located on the east side of 120th Avenue NE, while the remaining building is located across 120th Avenue NE, where 120th Avenue NE bends westward and becomes NE 1st Street. The property features freeway access located less than one half mile east of the Interstate 405 freeway.
CBRE Executive Vice Presidents Marina Massari and Sharon Kline arranged the seven-year loan, which is based on a 30-year amortization and has 18 months of interest-only payments. The borrower is KBS Realty Advisors, who is the investment manager of the fund that owns the property, institutional clients of the Real Estate Debt Group of J.P. Morgan Asset Management.
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