San Diego – HFF announced today that it has arranged a $21 million refinancing for Nexus Canyon Park Research Center, a 152,050-square-foot biotech and data center facility in the Seattle suburb of Bothell, Washington.
HFF worked exclusively on behalf of San Diego-based Nexus Properties, Inc. to secure the interest only, fixed-rate loan.
The building is located within the Canyon Park Business Center just north of Interstate 405, approximately 15 miles northeast of downtown Seattle. Situated on 6.96 acres, the two-story property is 97 percent leased to tenants including T-Mobile, Epoch Pharmaceuticals and Acucela.
HFF’s debt placement team representing the borrower was led by senior managing director Tim Wright and associate director Zack Holderman.
“The borrower originally purchased the property completely vacant in 1999 and immediately expanded and repositioned it to accommodate laboratory and data center use. The tremendous investment into the asset, by both the tenants and owner, made the opportunity very attractive for the lender,” commented Wright.
Founded in 1979, Nexus Properties, Inc. is a developer of high-quality corporate facilities, biotech laboratories and flex research and development properties throughout California, Washington and other markets.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.