Updated Dec 18, 2024
BentallGreenOak And Urban Renaissance Group Secure $10M Loan For 600 Stewart Street Office Upgrades
600 Stewart Street
$10,000,000
Building Size
—
Asset Type
Office
Closing
Dec 11, 2024
About this deal
AI
The asset involved is located at 600 Stewart Street in Seattle, WA. This office building is part of a 20-story structure and is undergoing tenant-focused upgrades. The refinancing amount secured for this project is $10,000,000, aimed at enhancing the property with additional retail spaces, MIRO suites, and mechanical upgrades to attract high-quality tenants.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $10,000,000
- Loan Type: Refinance
- Landlord: BentallGreenOak (BGO) & Urban Renaissance Group (URG)
BentallGreenOak (BGO) and Urban Renaissance Group (URG) are collaborating on this refinancing effort to revitalize the Plaza 600. The purpose of the financing is specifically geared towards improvements that will reinforce the building's appeal to prospective tenants.
On the Map
$10,000,000
Office
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93