Gemini Rosemont receives $204m refinancing for office campus

Gemini Rosemont Commercial Real Estate has completed the recapitalization and refinance of One Twelfth @ Twelfth, a premier office campus located in Bellevue, Wash., in partnership with an affiliate of Beacon Capital Partners, a leading office investment manager.

Acquired in December 2016, the property had been held entirely on Gemini Rosemont’s balance sheet pending the completion of a capital improvement and leasing plan that was largely completed in 2019.

“We successfully implemented our strategy of completing several key capital improvement projects that helped us recast One Twelfth’s rent roll,” said Ian Brownlow, CEO of Gemini Rosemont. “We attracted several top-tier and credit tenants, including one of the world’s largest technology firms, which will ultimately occupy approximately one-third of the campus. From the onset, we had planned on bringing in a capital partner when appropriate, and now was the right time to do so. The significant liquidity p