Scott McMullin, senior managing director of Holliday Fenoglio Fowler's Los Angeles office, arranged the adjustable-rate, three-year loan on behalf of Walton Street Capital, LLC, through GMAC Commercial Mortgage Corporation, a conduit lender.
Located at 900 Fourth Avenue in the heart of Seattle's financial district, Union Bank of California Center was built in 1973 and renovated in 1999. The 41-story building, which occupies an entire city block, is 88 percent leased and includes Union Bank of California, the State of Washington Office of the Attorney General, N2H2 Inc. and Global Crossing Inc. as major tenants.
"Despite a pessimistic outlook by the media on Seattle's central business district, GMAC understood the value of this asset and the inherent strengths of the Seattle market," McMullin said in a news release.
Holliday Fenoglio Fowler is the country's largest intermediary of capital to the commercial real estate industry. Since 1998 the national mortgage intermediary firm's debt, structured finance and investment sales transactions totaled more than $40 billion.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
