Cushman & Wakefield handles $526 million construction financing

Bellevue, WA Cushman & Wakefield has represented Kemper Development Company in arranging a $526 million construction-to-permanent loan for the 1.5 million s/f expansion of the Bellevue Collection known as Lincoln Square Expansion. Financing was provided by an affiliate of CPPIB Credit Investments Inc. (CPPIB Credit), a wholly owned subsidiary of Canada Pension Plan Investment Board (CPPIB). A Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Alex Hernandez and Chris Moyer represented Kemper Development Company in the financing, which includes a fixed interest rate priced up to three years forward and converts to four distinct long-term loans. “This was a rare opportunity to establish a relationship with one of the region’s long-standing real estate families and the top owner in the market, in the most successful complex in affluent downtown Bellevue, and with a strong global institutional investor,” said Mr. Karson, an Executive Managing Director at Cushman & Wakefield who is based in New York. “The expanded property will be one of the top integrated live-work-play destinations in the country and is still owned by the family that built the mall 70 years ago.” The development is underway and will consist of a 41-story multifamily/W Hotel tower, a 31-story trophy office tower and a three-level retail podium, which will be anchored by a luxury theater and chef-driven restaurants. The retail podium and towers will sit above a six-level underground parking garage that is contiguous with more than 4,000 existing subterranean parking spaces. Located in the heart of Bellevue, the four-million-square-foot Bellevue Collection, owned by Kemper Development Company, includes Bellevue Square, a super-regional upscale shopping center, Bellevue Place, a mixed-use property featuring the Hyatt Regency Bellevue and small boutiques, and Lincoln Square, anchored by Lincoln Square Cinemas, restaurants, home furnishings and The Westin Bellevue. This distinctive collection features 250 of the finest shops, 30 destination restaurants, a 16-screen premier cinema, 1,100 luxury hotel rooms and 10,000 free retail parking spaces, all in one location. The Bellevue Collection is a shopping, dining and nightlife, and entertainment experience unlike any other in the region. It is located on Bellevue Way between NE 4th and NE 10th Streets in downtown Bellevue, just across Lake Washington from Seattle.