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September 20, 2019
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FINANCING NEWS
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Capstone Partners Lands $154 Mil in Financing for WA TOD Development

6/07/19

Capstone Partners, LLC has secured joint venture equity and construction financing totaling $154.7 mil for the development of One Esterra Park, a transit-oriented, Class A office development located adjacent to Microsoft’s world headquarters in Redmond, WA. HFF arranged the financing, consisting of equity capital from an institutional investor and a construction loan with US Bank on behalf of the new joint venture.

The project is the next phase of the 3 msf Esterra Park live-work-play master planned community in suburban Seattle. With an estimated completion in fourth quarter 2020, One Esterra Park will offer 245k sf of Class A office space in a six-story building designed with technology tenants in mind. The property is being built to LEED Silver standards and will feature average floor plates of 40k sf, robust amounts of power and mechanical infrastructure and collaborative common areas that will foster innovation and productivity.

One Esterra Park is positioned on a 2.2-acre site at 15550 NE Turing Street immediately adjacent to the world headquarters of Microsoft and near many of the areas large and expanding economic drivers such as Facebook, Amazon and Google. Additionally, the project is adjacent to the future Overlake Village Transit Station and the future State Route 520 off-ramp providing connectivity to major area thoroughfares, including Interstates 405 and 90.

HFF’s Ben Bullock, Charles Halladay, Bruce Ganong, Zach Goodwin, Michael Leggett and Tom Wilson arranged the financing.






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