BELLEVUE, WA-New York City-based Joseph Merrill Capital, a real estate investment banking firm, has structured a seven-year CMBS loan of $55-million for RP Realty Partner’s Bellevue Galleria. The Galleria is a class-A mixed-use office and retail asset consisting of more than 203,000 rentable square feet.
James Rizzi, managing principal of JMC, tells GlobeSt.com that the company is encouraged by the continued loosening seen in the securitization market. “The property was well positioned for long term fixed rate financing given RP Realty Partners successful repositioning of the property, which involved converting the previously existing Cinema into class-A office space and increasing the overall rentable square footage of the property,” Rizzi said.
Rizzi adds that the asset is “high quality,” and was “appropriately repositioned by a high-quality sponsor.” JMC structured the loan with the Royal Bank of Scotland that used its balance sheet to warehouse the loan until its larger securitized pool goes to market for execution in the coming months.
google_ad_channel = “7940249670, ” + AB_cat_channel + AB_unit_channel;
google_language = “en”;
google_ad_region = ‘test’;
