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Kennedy Wilson Fund Receives Financing for $55M Bothell Acquisition
CBRE Capital Markets’ Debt & Structured Finance group arranged the financing for Canyon Park East, a 269,369-square-foot business park in Bothell, on behalf of Kennedy Wilson Fund VI, which purchased the property in December 2019 for $54,625,000. The $38,635,500 loan was provided by an unnamed East Coast-based bank.
CBRE’s Brad Zampa, Mike Walker and Megan Woodring arranged the six-year, non-recourse floating rate financing with full-term interest only payments at a spread priced over 30-day LIBOR. The loan will finance a portion of the acquisition and provide funding for future capital expenditures and leasing costs. CBRE’s Tom Pehl and Lou Senini represented the seller.
Canyon Park East Business Campus is comprised of five office, R&D and warehouse buildings on 16.5 acres and is 83% occupied. The master-planned development is situated in a landscaped, park-like campus near the new Paine Field International Airport.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition
