Regency Capital Partners

Seatac Office Center


Seatac Office Center

Summary

Regency Capital Partners (“RCP”) arranged the joint venture equity for this regional developer to purchase their loan back and recapitalize this Class-A, 3 building, 532,000 SF. Prior to engaging RCP, the Borrower had approached several potential equity partners to no avail, unable to get comfortable with the property’s multiple ground leases, 50% occupancy and secondary market. Nonetheless, RCP was able to convince a New York based hedge fund that the Property’s position in the market was superior and would enable it to capture any major leasing opportunities that would arise, furthermore, at the discount that the Borrower was able to purchase back the outstanding debt, there would be significant margin for error in the property’s performance. Once the deal was struck with the partners, the equity partner passed through over $1M to get the Property in contract, and closed 2 weeks thereafter.


Transaction Details

LOAN AMOUNT $40,750,000
FINANCING TYPE Equity
LENDER TYPE Credit Company
PROPERTY TYPE Office
PROPERTY ADDRESS
Map
Confidential
Seattle, WA
PROPERTY DESCRIPTION The property is a quality Class A, 532,430 SF office complex comprised of three buildings that includes a 100,000 SF (385 spaces) parking garage. The property contains 2,104 parking spaces (3.95/1,000 SF).