Bellevue, WA – July 10, 2015 – CBRE Capital Markets’ Debt & Structured Finance team has arranged $45.0 million in refinancing for Ridgewood Corporate Square, a project consisting of seven office buildings ranging from two- to four-stories in Bellevue, Washington.
The seven-year loan with 30-year amortization and 18 months of interest only was originated for institutional clients of the Real Estate Debt Group of J.P. Morgan Asset Management. KBS Realty Advisors was represented in the refinancing by Executive Vice Presidents Marina Massari and Sharon Kline of CBRE’s Newport Beach, California office.
The property was built in 1986 and contains approximately 242,081-square-feet. At the time of closing, the property was 100 percent occupied by a diverse roster of over 40 tenants. Six of the seven buildings are located on the east side of 120th Avenue NE, while the remaining building is located across 120th Avenue NE, where 120th Avenue NE bends westward and becomes NE 1st Street. The property features freeway access located less than one half mile east of the Interstate 405 freeway.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About J.P. Morgan Asset Management
J.P. Morgan Asset Management (JPMAM) is the marketing name for the asset management businesses of JPMorgan Chase & Co. and its affiliates worldwide. Those businesses include, but are not limited to, JPMorgan Chase Bank, N.A., J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated, and J.P. Morgan Alternative Asset Management, Inc. The Real Estate Debt Group with AUM of approx. $2.7 billion as of June 28, 2015 is part of the Global Fixed Income, Currency & Commodities group within JPMAM.