BELLEVUE, WASH. — Holliday Fenoglio Fowler (HFF) has closed on a $205 million acquisition loan for Bravern Office Commons, an approximately 750,000-square-foot, Class A office property located in Bellevue. As previously reported, Principal Global Investors purchased the property from its original developers, Investcorp and Schnitzer West, for $410 million.
The loan, which was provided by Pacific Life Insurance Company, carries a 10-year term and a fixed interest rate. A HFF team that included New York City Senior Managing Director Michael Tepedino, San Francisco Senior Managing Director Bruce Ganong and Dallas Executive Managing Director Jody Thornton arranged the financing on behalf of Principal Global Investors.
Investcorp and Schnitzer West developed Bravern Office Commons in 2007. It is wholly leased to Microsoft. The office component is part The Bravern, an $800 million mixed-use development. In addition to the two high-rise towers and adjacent parking lot that make up the office component, The Bravern includes two luxury residential towers containing 455 units as well as approximately 310,000 square feet of luxury retail space. Only the office component was included in the financing.
— Coleman Wood