Grandbridge Real Estate Capital, a subsidiary of Truist, has been appointed master servicer on its first commercial mortgage-backed securities transaction, expanding the firm’s role in the loan servicing market.
The mandate covers a $210 million refinancing of two office towers owned by Brookfield Asset Management. The properties are located outside Seattle and are financed through an interest-only, fixed-rate mortgage loan provided by Goldman Sachs. The mortgage features a four-year anticipated repayment date and a seven-year final maturity, and is being placed into a CMBS structure with Grandbridge overseeing master servicing responsibilities.
The refinanced assets, known as Block 16 and Block 24, comprise a combined 543,000 square feet of office space within the Spring District, a 36-acre, walkable neighborhood in Bellevue, Washington. The Spring District is described as transit-oriented and serves as a technology hub for the broader Pacific Northwest region.
Block 16 is an 11-story office tower, while Block 24 is a 10-story office building. Both properties are reported to be 100% leased. Meta has maintained a presence in the Spring District since 2018, underscoring the submarket’s appeal to technology tenants, although the specific tenant rosters for Block 16 and Block 24 are not detailed in the information provided.
Brookfield Asset Management, the owner of the two office towers, is identified as a SASB issuer with approximately $1.1 trillion in assets under management. The refinancing transaction aligns with Brookfield’s use of the securitized debt markets to finance institutional office holdings in a high-demand, transit-oriented submarket.
The combination of a fully leased profile, technology-oriented location and CMBS execution positions the Block 16 and Block 24 refinancing as a notable transaction in the Bellevue office market, while also marking a key milestone for Grandbridge as it broadens its servicing capabilities into the CMBS arena.
