The long term fixed rate financing from Teachers Annuity and Insurance Association pays off a construction loan provided by Bank of America. The financing closed just before Christmas. The loan was sourced by Mike Taylor of Bellevue, Wash.-based Churchill Real Estate Inc.
The two-building project is fully leased to the University of Washington and Safeco Insurance Co. The high-credit tenants along with the quality of the building made the competition to arrange financing very tough, according to those familiar with the deal.
Safeco leases Building A (132,000 sf net rentable), a five-story building with 30,000-sf floor plates and 275 parking stalls at 4300 Roosevelt Way NE. The University of Washington leases Building B (90,000 sf net rentable), a seven-story building with 15,000-sf floor plates and 165 parking stalls and at 4325 11th Ave. NE.
The financing brought Churchill's loan sourcing to $303 million in 2002. In November, Taylor helped Western Inc. refinance Market Place North, a 125,000-sf, two building development built in 1981 and located just north of the Pike Place Market in Downtown Seattle. Taylor secured $25 million for the borrower in a five-year, 65% loan from AIG that is tied to the five-year treasury.
In September, Churchill arranged a $70-million permanent loan for Schnitzer Northwest's 306,000-sf Civica Office Commons in Downtown Bellevue and a $66-million loan Nitze-Stagen's 2-million-sf Starbucks Center in Seattle's SODO district. In both cases, the lender was Teachers Annuity and Insurance Association.
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