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October 29, 2020

$96M refi deal for 9th & Thomas

Website Commercial Observer recently reported, citing analyst Fitch Ratings, that the Amazon-leased 9th & Thomas building has received a $96 million refinancing loan from Bank of California. The owner of the office building at 234 Ninth Ave. N. is the Redman family (separate from Sellen Construction). Fitch says the 10-year, interest-only loan carries a rate of 3.6%. The new commercial mortgage-backed securities (CMBS) loan retires the old construction loan taken out circa 2016, when the nine-story office project broke ground. Olson Kundig designed the building, which Sellen built. Fitch says the lease for Amazon Fulfillment Services runs through July 2033, with two seven-year options to extend.




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