$54,000,000 Office Loan from Life Insurance Company
City: Renton, WA
Loan amount: $54,000,000
Lender type: Life Insurance Company
Property type: Office
Size: 324,287 SF
This borrower’s dream came true when PSRS, through one of its life company correspondents, provided them with 100% structured acquisition financing, on this non-recourse 5 year term loan with 3 years I/O and 25 year amortization thereafter. This 300,000+ SF institutional quality asset with campus setting provided the life company an opportunity for yield in the Seattle market, where the lender had little to no exposure. The high leverage loan was for 100% of purchase price (90% LTC) with Life Co. pricing and certainty of execution.
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