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Bothell Business Park Secures $38M In Financing

Canyon Park East in Bothell

Kennedy Wilson Fund VI recently secured $38M in financing for the 269K SF Canyon Park East business park it purchased in December for $54.6M.

The loan, secured by CBRE Capital Markets’ Debt & Structured Finance group, closed on Jan. 30.

The campus is made up of five office, R&D and warehouse buildings on 16.5 acres. The park-like site is near Paine Field International Airport. Bothell is a life sciences hub. Its R&D and manufacturing cluster consists of 2.2M SF in the Canyon Park and North Creek business complexes.

The Chicago-based seller, a Blackstone Group entity, acquired the property in 2015 from Arden Realty. Arden purchased it in 2007 for $82.9M, according to public records. 

Brad Zampa, Mike Walker and Megan Woodring of CBRE arranged the six-year, nonrecourse floating rate financing with full-term interest-only payments priced over 30-day Libor. The loan will finance a portion of the acquisition and provide funding for future capital expenditures and leasing costs. Tom Pehl and Lou Senini with CBRE Capital Markets in Seattle represented the seller. 

This fall, Bothell’s Nexus Canyon Park was refinanced for $19.9M. It, too, is a life sciences hub and has 1.5M SF of office space.