Bellevue Avenue mixed-use project closes largest construction loan in Bellevue history for $ 700 million
Bellevue Avenue, LLC, in partnership with Fortress Development, recently announced that it has secured funding for its flagship project, Avenue Bellevue. The two-tower luxury condo, hotel and retail project is currently under construction.
The $ 700 million transaction with Silverstein Capital Partners is the largest construction loan in Bellevue history. It is also one of the largest recorded in the United States since the start of the pandemic. The agreement marks SCP’s first construction finance loan on the West Coast.
“We are creating something that will set a new standard for hospitality and residential design in the region. As a resident of Bellevue for over 20 years, I am deeply committed to the future success of the community and Avenue Bellevue is the most important project of my life, ”said Andy Lakha, CEO and Director of Avenue Bellevue, LLC and Fortress Development. “I am proud that Silverstein is supporting this dream project in my own backyard; it is a quintessential affirmation of the development and hard work of many years as we continue construction and add the avenue to the skyline and fabric in the heart of downtown Bellevue.
Bellevue Avenue will feature 365 luxury homes, the Pacific Northwest’s first InterContinental hotel and 85,000 square feet of retail space, including fine dining, nightlife and shopping.
“SCP enjoys being involved in large-scale mixed-use construction projects consistent with many of Silverstein Property’s developments,” said Shawn Katz, senior managing director of SCP. “We believe that Bellevue Avenue will be the first residential, hotel and commercial project in an incredibly attractive market.”
The mixed-use development is located at the corner of 8th Street North East and Bellevue Way. It will include 141 “estate houses” in the south tower and 224 “residences” in the west tower. The South Tower will feature the first InterContinental hotel in the Pacific Northwest, with 208 hotel rooms, event space, restaurants and bar, gym and spa, and a concierge team.
There will be a plaza connecting the two towers which will feature high end retail, food, nightlife, a fresh produce market and restaurants. Restaurants that have been announced so far include a marine life-focused restaurant by three-Michelin-starred chef Joshua Skenes, and an Asian restaurant, BUDDHAzen.
Avenue was designed in partnership by award-winning Seattle-based architecture firms Weber Thompson and CollinsWoerman, and Hirsch Bedner Associates, the world’s largest hotel company.
A Bellevue-based developer, Fortress Development is a commercial real estate developer and private investment firm. Founded by Andy Lakha, a Bellevue resident who has been in commercial real estate for over two decades.