BELLEVUE, WA-Cole Real Estate Investments has arranged withWells Fargo a $156-million mortgage financing secured by CityCenter Plaza, a 583,179-square-foot, class-A office tower here. Theproperty is the headquarters for Microsoft’s Bing division, and isnet leased through 2024 to Microsoft Corp.
Constructed in 2008, the office tower has the distinction ofLEED Gold Certification with substantially above-standard buildingsystems. The 50% loan-to-cost financing has a 3.99% fixed interestrate per annum with a maturity date of 2015.
“This high-quality asset, occupied by a single tenant withexceptional credit under a long-term net lease, created a highlycompetitive atmosphere for the debt on City Center Plaza, enablingus to achieve very favorable rates and terms,” says MatthewDonnelly, senior vice president of structured finance. “We expectit to have a positive impact on the property’s investmentreturn.”
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