Gemini Rosemont Receives $204M Refinancing for Office Campus in Bellevue, Washington
BELLEVUE, WASH. — Gemini Rosemont Commercial Real Estate, in partnership with an affiliate of Beacon Capital Partners, has received a $204 million loan for the recapitalization and refinancing of One Twelfth @ Twelfth, an office campus in Bellevue.
The asset comprises three six-story buildings totaling 480,187 square feet. The Class A, LEED Gold-certified buildings are located just off the I-405 corridor in downtown Bellevue, about 10 miles east of Seattle. Constructed in 2000, the property features a full-service café, fitness center, outdoor balconies, electric car charging stations, bicycle storage, conference room, outdoor plazas and close proximity the Bellevue Transit Center.
Gemini Rosemont acquired the property in December 2016 and completed a capital improvement program in 2019.
“In late December 2019, our new partner acquired an 80 percent interest in the joint venture formed to hold the asset,” says Jon Dishell, chief capital officer for Gemini Rosemont. “Beacon shares our vision for the asset, and we are looking forward to working together to continue to increase One Twelfth’s value, as well as pursuing other opportunities together.”
MetLife Investment Management provided the five-year, floating-rate loan. It includes a $19 million facility for future leasing costs and capital expenses.
Los Angeles-based Gemini Rosemont’s portfolio totals approximately 8 million square feet with an estimated value of $1.6 billion. Boston-based Beacon has invested in approximately 180 office properties with a projected total value of $38 billion.
— Kristin Hiller