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Grandbridge to service $210M refinancing of two Seattle-area office towers
The transaction includes a Goldman Sachs interest-only, fixed-rate loan with a four-year anticipated repayment date and a seven-year final maturity.
Grandbridge Real Estate Capital, a subsidiary of Truist, has been named master servicer for its first commercial mortgage-backed securities transaction, a milestone that reflects the firm’s expanding servicing platform.
ConnectCRE reports that the deal covers a $210 million refinancing of two office towers outside Seattle owned by Brookfield Asset Management. The financing is structured as an interest-only, fixed-rate mortgage loan from Goldman Sachs, with a four-year anticipated repayment date and a seven-year final maturity.
The two properties, Block 16 and 24, total 543,000 square feet and are located in Bellevue, Washington, in the 36-acre transit-oriented Spring District. Both towers are 100% leased, and tech giant Meta has occupied the Spring District since 2018.
Brookfield Asset Management is described as a SASB issuer with approximately $1.1 trillion in assets under management, while Block 16 is an 11-story tower and Block 24 is a 10-story building.