BELLEVUE, WA—CBRECapital Markets' Debt & Structured Finance team has arranged $45.0 million in refinancing for Ridgewood Corporate Square, a project consisting of seven office buildings ranging from two- to four-stories in Bellevue.
The seven-year loan with 30-year amortization and 18 months of interest only was originated for institutional clients of the Real Estate Debt Group of J.P. Morgan Asset Management. KBS Realty Advisors was represented in the refinancing by executive vice presidents Marina Massari and Sharon Kline of CBRE's Newport Beach, CA office.
The property was built in 1986 and contains approximately 242,081-square-feet. At the time of closing, the property was 100% occupied by a diverse roster of over 40 tenants. Six of the seven buildings are located on the east side of 120th Avenue NE, while the remaining building is located across 120th Avenue NE, where 120th Avenue NE bends westward and becomes NE 1st Street. The property features freeway access located less than one half mile east of the Interstate 405 freeway.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
