KBS Capital Advisors recently secured $111 million in senior financing and a $30 million mezzanine loan for The Plaza Buildings at 10900 and 10800 NE 8th St. in Bellevue, WA.
Working on behalf of KBS, Val Achtemeier with CBRE negotiated the acquisition funding both with three-year initial terms and 2 one-year extension options. The floating-rate senior loan was provided by Wells Fargo, while the mezzanine loan came from Principal Capital Management.
"Both the senior secured loan and the mezz loan provide the optionality and pricing to enhance target returns for the acquisition," said Achtemeier.
The two office buildings total 489,647 square feet on 4.1 acres in Bellevue's central business district. KBS Strategic Opportunity REIT acquired the two buildings and an adjacent four-story, 1,036-space parking garage from Beacon Capital Partners in January 2014 for $186.5 million.
Representing the seller in the deal was CBRE's Kevin Shannon, Todd Tydlaska, Tom Pehl, Louis Senini, Ken White, and Michael Moll.
Plaza Center was built in 1983 and stands 16 stories tall, while US Bank Plaza is ten stories and was built in 1978. Renovated in 2007, the buildings are both LEED Silver-certified, and are 82 percent leased. Major tenants include US Bank, Authorize.net, Pacific Capital Resource Group, Premier Business Centers, Blucora, Inc. and URS Corp.
Please see CoStar COMPS #2935393 for additional information on this transaction.