Lend Lease's Value Enhancement Fund IV, a commingled investment fund for institutional investor clients, is the majority owner of the mixed use development and Lend Lease is co-developer.
Andrew Friedman, a principal with Lend Lease and head of the company's west region, called the loan a "major vote of confidence in Lincoln Square in a cautious banking market."
Plans for the $360 million Lincoln Square project consist of a 27-story, 530,000-square-foot office building and a 42-floor tower consisting of 148 luxury condominiums above a 303-room Westin Hotel. Both towers sit above 330,000-square-feet of specialty retail including restaurants, a 12-screen movie theater and 60,000-square-foot health club. A 2,142-space underground parking garage services the entire project. Construction began last summer, and the complex will rise opposite Bellevue Square, one of the more successful regional shopping malls in the nation.
"Dresdner is pleased to be expanding its relationship with Lend Lease through the Lincoln Square project," says Johannes Boeckmann, managing director of Dresdner Bank Real Estate. "We believe that Lincoln Square, with its exciting mix of office, retail and residential will evolve into the heart of downtown Bellevue." For Dresdner Bank, which has financed other development projects in Bellevue, this is a continuation of its focus on large, complex, and high profile development projects across the country.
Other participants in the project include Kennedy Associates Real Estate Counsel, a Seattle-based pension advisory firm and advisor to Riggs Bank N.A. for the Multi Employer Property Trust--a $2.8 billion pooled equity real estate investment fund that will invest $51 million in a takeout loan for the Westin hotel component of the project.
Local members of the Lincoln Square development team include: project direction -- John Harris, Lend Lease; construction management -- CM & D; office leasing -- Colliers International; retail leasing -- Madison Marquette and Blatteis Realty Co.; residential sales -- Miller Torgerson & Associates; and architects -- Mithun Partners, James Cheng Associates and Callison.
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