Kirkland, WA

George Smith Partners successfully closed $21,600,000 in permanent acquisition financing for the purchase of a mixed-use office building and marina located in Kirkland, Washington. The asset comprises approximately 36,000 square feet of net rentable office area alongside a fully operational fee-simple marina, which is one of very few privately held marinas in the Pacific Northwest. Upon close, the property will be 100% occupied. The deal attracted broad interest from multiple lenders given the uniqueness of the asset and its premier waterfront location. The lender provided an early rate lock, allowing the sponsor to anchor the fixed rate at 6.125% when the 10-Year Treasury was trading near 4%.