The new 10-year loan has a 30-year amortization schedule and an interest rate somewhere between 7% and 7.5%. The loan-to-value was estimated at 50%. Arranged by Michael Taylor of Newmark Realty Capital's Seattle office, it paid off [with no cash out] three notes that were placed on the property between 1999 and 2002 as the development was completed in phases.
Downtown Woodinville is a 325,000 square foot community center anchored by Top Foods grocery. Other tenants include a 12 screen Cineplex Odeon Theater, Petsmart, Barnes & Noble, Eddie Bauer, Cost Plus and an arrayof shops.
Washington Capital developed the property with strategic partner TRF Pacific, which oversaw the project and now manages the property. The borrower group on the new loan is the same as the previous loans.
Taylor says he worked in concert with Seattle Mortgage and Glacier Real Estate Finance in order to secure the best possible outcome for the borrower.
Last year at this time, TRF and Washington Capital purchased Woodgate Center, a 46, 943 square foot center located one block from Downtown Woodinville Shopping Center. The purchase price was $14 million.
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