The funds were provided by Teachers Annuity and Insurance Association, a group life and disability business and a major lender to the commercial real estate industry. The interest rate on the 10-year loan is not being released by the parties involved, but generally speaking, long-term fixed rate loans are currently being secured at between 6% and 7%. The loan was sourced by Mike Taylor of Churchill Real Estate Inc. and George Mitsanas of Churchill Mortgage Corp.

Rents in the building are reported to be 50% above the current market rents in the Bellevue CBD, which currently has vacancy rate of approximately 25%. Even with the current softness in the market there was stiff competition for the loan as the building is nearly 100% occupied with a very strong rent roll. "It was shopped to tons of lenders," one local loan broker tells GlobeSt.com, adding that a lot of lenders haven't met their allocations for the year and lenders are competing hard for well-leased, high quality office buildings with credit tenants.

Civica Office Commons' anchor tenants include Wells Fargo (50,000 sf), Microsoft (45,000 sf), Waggener Edstrom (45,000 sf) and Morgan Stanley (23,000 sf). Schnitzer Northwest leases 16,000 sf in the building.