$205M Financing Closes on $410M Buy

BELLEVUE, WA-Des Moines, Iowa-based Principal Real Estate Investors, previously purchased the Bravern Office Commons, a class A office tower in downtown Bellevue from Investcorp, for $410 million, as GlobeSt.com previously posted. An unidentified source tells GlobeSt.com that the “just closed $205 million financing on the 750,000-square-foot office property, was an acquisition financing that simply didn’t close at the same time as the sale.”

A Holliday Fenoglio Fowler LP team including professionals from New York, San Francisco and Dallas offices arranged the first mortgage financing. HFF senior managing directors Michael Tepedino and Bruce Ganong along with executive managing director Jody Thornton worked on behalf of the borrower, Principal Global Investors, to secure a 10-year, fixed-rate loan through Pacific Life Insurance Co.