Avenue Bellevue LLC, in partnership with Bellevue-based Fortress Development, announced today that it secured financing for its two-tower luxury condo, hotel, and retail development under construction in downtown Bellevue.
Avenue Bellevue and Fortress Development believe the $700 million transaction with Silverstein Capital Partners (SCP) is the largest construction loan in Bellevue’s history and one of the largest in the U.S. since the pandemic began.
SCP is the real estate lending platform for New York-based Silverstein Properties.
The entire Avenue Bellevue project, which broke ground in 2019, is estimated at $1 billion.
“We are creating something that will set a new standard for hospitality and residential design in the region,” Andy Lakha, CEO and principal of Avenue Bellevue LLC and Fortress Development, said in a news release announcing the loan. “As a Bellevue resident for more than 20 years, I am deeply committed to the future success of the community — and Avenue Bellevue is the most important project of my life.”
Added Lakha, “I am proud to have Silverstein back this dream project in my own backyard; it is a quintessential affirmation of the development and the hard work of many years as we continue construction and add Avenue to the skyline and fabric to the heart of downtown Bellevue.”
Shawn Katz, senior managing director of SCP, said the company likes being involved in large-scale, mixed-use construction projects consistent with many of Silverstein Property’s developments.
“We believe that Avenue Bellevue will be the premier residential, hotel, and retail project in an incredibly attractive market,” Katz said in the release.
Located on the corner of NE 8th Street and Bellevue Way, Avenue Bellevue will feature 365 luxury homes spread across two towers, including 141 “Estate Homes” in the South Tower and 224 “Residences” in the West Tower.
Units, scheduled for completion in early 2023, are about 40 percent presold. Square footage of the units ranges from 469 to 3,019, with prices ranging from $874,000 to $8.875 million.
The South Tower also will have the Pacific Northwest’s first luxury InterContinental Hotel with 208 hotel rooms, event space, restaurants and bar, gym, and spa.
The plaza connecting the towers will feature high-end retail, food and nightlife, a fresh market, and fine dining. Restaurants include a new seafood-focused restaurant from the three Michelin-star chef Joshua Skenes, as well as BUDDHAzen, a new contemporary Asian restaurant from the people behind Buddakan, Tao, and China Grill.
Avenue Bellevue’s development team is led by Fortress Development, with Silverstein Properties serving as a development advisor and JTM Construction as general contractor. The design team includes Seattle-based Weber Thompson and CollinsWoerman, plus Santa Monica, California-based hospitality design firm Hirsch Bedner Associates (HBA).
Fortress Development is a commercial real estate developer and privately held investment company founded by Lakha.
Silverstein Properties is a privately held, full-service real estate development, investment, and management firm. The company has developed, owned, and managed more than 40 million square feet of commercial, residential, retail, and hotel space. Its recent projects include three World Trade Center towers in New York, and the Four Seasons at Disney World in Orlando.