Bellevue Complex Snags $204M Refinancing
Gemini Rosemont Commercial Real Estate has recapitalized and refinanced its One Twelfth @ Twelfth office complex in Bellevue with its new partner Beacon Capital Partners.
The partnership financed the property with a five-year loan of $204M from MetLife Investment Management. The floating rate loan includes a $19M facility for future leasing costs and capital expenses.
Hong Kong-based Gemini Investments, with Gemini Rosemont, acquired the building in 2016 for $203M, according to public records. Prior to that, Bellevue Hines Development sold the property for $134M in 2004.
During its most recent transaction, Beacon took over 80% interest of the joint venture. The campus includes three six-story buildings that total 480K SF.
With Amazon poised to move thousands of jobs over from Seattle, several Eastside office buildings are changing hands. Lincoln Executive Center recently sold, Unico Properties and Partners Group purchased the Bellevue Connection for $88M and The Bravern Office Commons sold for $585M.
