A joint venture among East West Partners, CBC Real Estate and Affinius Capital has secured $141 million to refinance a 535,000-square foot office campus in Raleigh, N.C., that serves as the global headquarters of Bandwidth, a publicly traded technology firm. Cantor Fitzgerald provided the debt, structured as a single-asset, single-buyer commercial mortgage-backed securities origination. The transaction matters because it shows that lenders are still willing to write large office financings when the asset is fully leased to a single creditworthy tenant, even as broader office markets face uncertainty.
The property, located at 2230 Bandmate Way in Raleigh, N.C., opened in 2023 after two years of construction. It sits on nearly 24 acres and is currently 100 percent leased to Bandwidth. The campus includes 450,000 square feet of office space, 30,000 square feet of fitness space, a 30,000 square-foot Montessori school providing on-site child care, and 15,000 square feet of event space. The headquarters is host to more than 1,000 Bandwidth employees and includes 100 conference rooms, according to CBS News. Wells Hill Partners' Peter Gevalt, Daniel Mizukovski, Barclay Lynch and Jeremy Schwartz arranged the transaction.
The evidence for this deal comes from a single Commercial Observer report published on September 8, 2026. The report quotes Daniel Mizukovski, a partner at Wells Hill, who noted that his firm has dealt with East West Partners numerous times over the last 43 years. "We are pleased to have executed such a valuable refinancing for this great asset and its owners," Mizukovski added. The source does not disclose the loan's interest rate, term, amortization schedule, or loan-to-value ratio. It also does not state the property's appraised value or the joint venture's equity contribution.
The transaction carries implications for the single-asset, single-buyer CMBS market. A fully leased headquarters property with a publicly traded technology tenant represents a different risk profile than a multi-tenant office building with rolling lease expirations. The presence of on-site amenities such as a Montessori school and fitness space suggests the property was designed to support long-term occupancy by Bandwidth. However, the concentration of lease risk in a single tenant also means the loan's performance depends heavily on Bandwidth's continued financial health and its decision to remain in the Raleigh campus.
Several limitations apply to this analysis. The dossier contains only one source read in full, and key financial terms are missing. The report does not indicate whether the refinancing replaced existing debt, returned equity to the sponsors, or funded capital improvements. It also does not disclose the maturity date of Bandwidth's lease or any extension options. Investors and market participants should watch for additional disclosures from the CMBS trust, including the loan's debt service coverage ratio, the tenant's credit rating, and any structural features such as cash management or reserves. Until those details emerge, the transaction should be viewed as a single data point rather than a broad signal about the health of the office lending market.