January 15, 2020 Comments Off on Gemini Rosemont, Beacon Capital Complete $230M Recap, Refi of Bellevue Office Campus Views: 429 Seattle & Pacific Northwest News, Seattle News, Top Seattle

Gemini Rosemont, Beacon Capital Complete $230M Recap, Refi of Bellevue Office Campus

Los Angeles-based Gemini Rosemont Commercial Real Estate completed the recapitalization and refinance of One Twelfth @ Twelfth, an office campus in Bellevue in partnership with an affiliate of Boston-based Beacon Capital Partners. The deal was reportedly valued north of $230 million.

The One Twelfth campus is a comprised of three six-story buildings totaling 480,187 square feet. The Class A, LEED Gold certified buildings are located off the I-405 corridor in downtown Bellevue.

The property was acquired in December 2016 and had been held entirely on Gemini Rosemont’s balance sheet, pending the completion of a capital improvement and leasing plan that was largely completed in 2019.

Gemini Rosemont’s Ian Brownlow, says, “We successfully implemented our strategy of completing several key capital improvement projects that helped us recast One Twelfth’s rent roll.”

The partnership financed the property with a five-year, floating rate loan of $204 million from MetLife Investment Management.

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