BELLEVUE, Wash.— Avenue Bellevue, LLC, in partnership with Fortress Development, announced that it has secured financing for its flagship project, the two-tower luxury condo, hotel and retail development currently under construction in downtown Bellevue, Washington.
The $700 million transaction with Silverstein Capital Partners (SCP) is the largest construction loan in Bellevue’s history—and one of the largest recorded in the U.S. since the start of the pandemic. SCP is the real estate lending platform for New York-based Silverstein Properties; the deal also marks SCP’s first construction financing loan on the West Coast.
“SCP likes 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 Avenue Bellevue will be the premier residential, hotel, and retail project in an incredibly attractive market.”
Located on the corner of NE 8th Street and Bellevue Way, Avenue Bellevue will feature more than 300 luxury homes spread across two towers, including 141 “Estate Homes” in the South Tower and 224 “Residences” in the West Tower. The property’s South Tower will also boast the Pacific Northwest’s first-ever luxury InterContinental® Hotel, with 208 hotel rooms, event space, restaurants and bar, gym and spa, and a dedicated concierge team.
The plaza connecting the two towers at Avenue Bellevue will feature high-end retail, food and nightlife, a fresh market and fine dining. Restaurants announced to date include a new sea-life focused restaurant from the three Michelin-star chef Joshua Skenes, as well as BUDDHAzen, a new contemporary Asian restaurant from the visionaries behind Buddakan, Tao, and China Grill.
Demolition for Avenue Bellevue began in the fall of 2019 and construction is currently underway. The development team is led by Fortress Development, with Silverstein Properties serving as a development advisor and JTM Construction as general contractor. Avenue’s design team includes Seattle-based Weber Thompson and CollinsWoerman, as well as Hirsch Bedner Associates (HBA), the largest hospitality design firm in the world.
With delivery scheduled for early 2023, Avenue Bellevue is approximately 40% pre-sold.