Avenue Bellevue, in partnership with Fortress Development, has secured financing from Silverstein Capital Partners for a two-tower luxury condo, hotel and retail development currently under construction in downtown Bellevue, WA.
The $700 million transaction is one of the largest recorded in the US since the start of the pandemic and the largest construction loan in Bellevue's history, according to Avenue Bellevue. SCP is the real estate lending platform for New York-based Silverstein Properties; the deal also marks Silverstein Capital Partners' first construction financing loan on the West Coast.
Avenue Bellevue will feature more than 300 luxury homes spread across two towers. The property's South Tower will be home to the Pacific Northwest's first-ever InterContinental Hotel, including 208 hotel rooms, event space, restaurants and bar, gym and spa and a dedicated concierge team. So far, the development is approximately 40% pre-sold. Construction is currently underway and delivery scheduled for early 2023.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
