Avenue Bellevue Closes $700M Construction Loan on Mixed Use Project

The 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.

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.

Connecting the two towers at Avenue Bellevue will be a plaza with retail, food and nightlife, a fresh market and fine dining. So far, the restaurants will include a new sea-life-focused concept and BUDDHAzen, a new contemporary Asian restaurant.

Fortress Development leads the development team. Silverstein Properties is serving as a development advisor and JTM Construction as the general contractor. The design team includes Seattle-based Weber Thompson and CollinsWoerman, as well as Hirsch Bedner Associates (HBA).

“As a Bellevue resident for more than 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 principal of Avenue Bellevue, LLC and Fortress Development in a prepared statement. He adds that Silverstein’s backing is “a quintessential affirmation of the development.” 

Luxury condos are also enjoying success on the other side of the country. In Miami, for example, billionaire real estate mogul Vladislav Doronin’s OKO Group, in partnership with Cain International, is developing the two condos, Miami’s Missoni Baia and the Una Residences towers. As of March, the condominiums have exceeded $74 million in sales within the last 60 days, with a majority of their units purchased by domestic buyers.