Gemini Rosemont Recapitalizes and Refinances One Twelfth @ T
LOS ANGELES, Jan. 15, 2020 /PRNewswire/ -- Gemini Rosemont Commercial Real Estate, a vertically integrated real estate investment management firm, has completed the recapitalization and refinance of One Twelfth @ Twelfth, a premier office campus located in Bellevue, Wash., in partnership with an affiliate of Beacon Capital Partners, a leading office investment manager.
Acquired in December 2016, the property 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.
"We successfully implemented our strategy of completing several key capital improvement projects that helped us recast One Twelfth's rent roll," said Ian Brownlow, chief executive officer of Gemini Rosemont. "We attracted several top tier and credit tenants, including one of the world's largest technology firms which will ultimately occupy approximately one-third of the campus. From the onset, we had planned on bringing in a capital partner when appropriate, and now was the right time to do so. The significant liquidity provided to Gemini Rosemont through this transaction will be used to acquire additional Class A assets in coastal and tech-centric markets in keeping with our acquisition mandate."
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 just off the I-405 corridor, in downtown Bellevue, with over 500,000 square feet of retail amenities within walking distance.
"In late December 2019, our new partner acquired an 80 percent interest in the joint venture formed to hold the asset," said Jon Dishell, chief capital officer for Gemini Rosemont. "Beacon shares our vision for the asset, and we are looking forward to both working together to continue to increase One Twelfth's value, as well as to pursuing other opportunities together."
As a part of the transaction, the partnership financed the property with a five-year loan of $204 million from MetLife Investment Management. The floating rate loan includes a $19 million facility for future leasing costs and capital expenses.
Gemini Rosemont has an existing portfolio totaling approximately eight million square feet with a gross asset value of approximately $1.6 billion. For more information, please visit http://geminirosemont.com/
SOURCE Gemini Rosemont Commercial Real Estate