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McBride Delivers $19M in Financing for Tacoma Asset
McBride Capital secured $19,000,000 in bridge financing for the acquisition of The Tacoma Rhodes Center in Tacoma. The acquisition included two office buildings consisting of 160,000 square feet of leasable space, and a 538-stall parking garage.
McBride Capital’s Danny Natsch placed the loan on behalf of an undisclosed buyer with a New York based bridge lender. The three-year, non-recourse, floating rate debt facility included $4.3 million in future funding for tenant improvements, leasing commissions, and capital expenditures.
The three-property campus at 950 Broadway and 949 Market St. is connected via sky bridges and sits in downtown Tacoma, with access to major freeways, highways and Tacoma Light Rail.
Previous ownership executed a $10-million renovation, which encompassed a new six-story atrium in 950 Broadway, a seismic retrofit, and significant upgrades to the building systems. Property amenities include on-site café, a fitness center, multiple building conference rooms, and secure storage areas.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition
