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Kemper Closes on $165M Refi of Bellevue Square

BELLEVUE, WA-Cigna Investments, which held the previous loan, funds the refinance for the 1.3-million-sf mall considered one of the premier super regional centers in the Northwest.

By Brian K. Miller | Updated on January 29, 2003

BELLEVUE, WA-Kemper Development has closed on a $165 million refinancing of Bellevue Square, its 1.3-million-sf mall in Downtown Bellevue.

The lender was Cigna Investments, which held the previous loan as well. The official borrower was Bellevue Square Managers Inc. The 10-year loan was sourced by Mike Makar and Jack Standeford of LJ Melody’s Seattle office.

Both brokers declined to discuss the deal’s financials, other than to say that pricing was based on the 10-year treasury. Other knowledgable sources say the loan-to-value ratio was around 60% for the new loan and that the old loan was about $142 million.

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