Cantor’s $141M Raleigh refi rides one tenant

Cantor Fitzgerald provided $141 million in single-asset, single-buyer CMBS financing to refinance the Bandwidth global headquarters campus in Raleigh, N.C., a deal that rests as much on the tenant—a public company occupying the entire 535,000-square-foot property—as on the real estate. The borrower is a joint venture of East West Partners, CBC Real Estate and Affinius Capital, and Wells Hill Partners arranged the transaction with Peter Gevalt, Daniel Mizukovski, Barclay Lynch and Jeremy Schwartz on the placement side.

The campus at 2230 Bandmate Way opened in 2023 after two years of construction and is 100 percent leased to Bandwidth, whose global headquarters it serves; more than 1,000 employees work there and CBS News puts the conference room count at 100. Layered onto the 450,000 square feet of office space are 30,000 square feet of fitness space, a 30,000-square-foot Montessori school and 15,000 square feet of event space—amenities that make the space difficult to replicate elsewhere. The tenant itself, a single public company at full occupancy in a purpose-built headquarters, is the asset.

Wells Hill partner Daniel Mizukovski pointed to the firm's 43-year working history with East West Partners, and that history is doing real underwriting work in a market where office CMBS remains hard to read while values search for a floor. A repeat sponsor and an occupied headquarters are the diligence that makes the loan legible. The campus sits on nearly 24 acres, but the loan is not a land bet; it is a bet on the certainty of Bandwidth's lease and on a relationship that kept the capital structure together.

Affinius, the asset manager in the borrowing group with $30.4 billion in regulatory AUM, has recently been running capital in the other direction as well. Days after it lent $177.25 million on two New York apartment properties, it sold a 545-unit Northern California seniors portfolio with Alliance. Here it sits inside the borrower group of an office refinancing, putting the firm on both sides of the capital stack within weeks—office assets are working out through investors and balance sheets that can carry them, rather than through distressed trades alone.

Office refinancing in this cycle looks like this: single-asset CMBS terms, a longstanding arranger relationship, and a lease to a public company that gives the cash flow a name. Office without that name, that occupancy and that relationship is still waiting for its clearing number.