Regency Capital Partners

Southcenter Corporate Square


Southcenter Corporate Square

Summary

Regency Capital Partners (“RCP”) arranged acquisition financing for the Southcenter Corporate Center, a 220,548 square foot Class B office park located in Tukwila, WA. Originally built between 1978 and 1980 as a build-to-suit for Boeing Company, the 14-acre site encompasses eleven, two-story office buildings and was 76% occupied. The borrower, a joint venture between CalSTRS and one of Seattle’s premier real estate operators, identified a demand in the submarket for office users with space requirements of less than 10,000 square feet, proving the asset's 10,000 SF floor plates uniquely positioned to attract these smaller users. RCP was able to secure its client a non-recourse, 5-year, interest-only facility which funded nearly 80% of the borrowers’ total costs and closed in less than 30 days.


Transaction Details

LOAN AMOUNT $25,150,000
FINANCING TYPE Bridge
LENDER TYPE Domestic Bank
PROPERTY TYPE Office
PROPERTY ADDRESS
Map
635 Andover Park W
Tukwila, WA
PROPERTY DESCRIPTION A seven-building, 220,548 square foot office park with superior access to all major freeways in an amenity-rich location.