StackSource successfully placed permanent financing with a local life insurance company for a triple net-leased private school property in Bellevue, WA. The 57,000 sf building was originally constructed as a furniture store by the same sponsor in 1993, and renovated to accommodate the Bellevue Children’s Academy in 2009. During COVID, the school shifted right away to online learning, successfully retaining and even growing their enrollment since the Spring. With close proximity to Microsoft's corporate campus, many of the students are children of Microsoft employees.
The life co loan features 3.6% interest rate over a 13 year term. The hybrid amortization schedule starts at 15 year principal amortization over the first 5 years of the loan term, then 25 year amortization for the remaining term. Beth Mercante worked with the life company correspondent to secure the 47% LTV non-recourse financing, which included cash-out to the sponsor.