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Continental Handles Acquisition Loan for Redmond Asset
ALCO Investment Company acquired Redmond Heights Center, a 126,545 square-foot industrial/office flex property in Redmond from Wakefield Redmond Heights. The deal was facilitated through $18.75 million in financing arranged by Continental Partners.
The 10-year fixed, non-recourse loan, was rate-locked at 3.25% with a 30-year amortization schedule and stepdown prepayment. The loan is sized to 1.40x debt service coverage ratio at the start rate, equating to a 60% loan-to-value on current rents.
Continental Partners’ Carl Riggins arranged the permanent financing on behalf of the Kent, WA-based buyer.
The property is currently fully leased to 13 tenants and is located in the rapidly growing Eastside Puget Sound market, which is experiencing extremely high demand for office space, noted Riggins. He added, “This acquisition presented the sponsor with an opportunity to benefit from the increasing appetite for office space throughout greater Seattle. This particular property has the unique appeal of consisting of industrial space as well.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition
