Search
 

Roosevelt Commons Secures $45M Loan

SEATTLE-The long term fixed rate financing from TIAA pays off the construction loan for the two-building, 222,000-sf development. Competition to arrange financing was very competitive in part due to the property's long term leases with University of Washington and Safeco Insurance Co.

By Brian K. Miller | Updated on January 07, 2003

SEATTLE-Portage Bay Partners has secured $45 million in permanent financing for Roosevelt Commons, its fully-leased 222,000-sf office development on the edge of Seattle’s University District.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.