Massive Transaction with NYC-Based Silverstein Capital Partners is Largest in Bellevue’s History
Bellevue, Wash. (April 21, 2021) – Avenue Bellevue, LLC, in partnership with Fortress Development, announced today 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.
“We are creating something that will set a new standard for hospitality and residential design in the region. 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. “I am proud to have Silverstein back this dream project in my own backyard; it is quintessential affirmation of the development and the hard work of many years as we continue construction and add Avenue to the skyline and fabric to the heart of downtown Bellevue.”
“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.
About Avenue Bellevue
Avenue Bellevue is a two-tower mixed-use development currently under construction in Bellevue, Washington. Avenue will include 365 luxury homes, the Pacific Northwest’s first-ever InterContinental Hotel, and 85,000 square feet of retail space, including fine dining, nightlife and shopping. Avenue was designed in partnership by Seattle-based, award-winning architecture firms Weber Thompson and CollinsWoerman, as well as Hirsch Bedner Associates (HBA), the largest hospitality design firm in the world.
About Fortress Development
Fortress Development is a commercial real estate developer and privately held investment company based in Bellevue, Washington. Founded by Andy Lakha, a Bellevue resident who has been in commercial real estate for more than two decades, Fortress’ diverse team brings more than a century of combined experience and a commitment to quality, and to creating homes and communities that matter.
About Silverstein Properties
Silverstein Properties is a privately held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by Chairman Larry Silverstein, the company has developed, owned and managed more than 40 million square feet of commercial, residential, retail and hotel space. Recent projects include 7 World Trade Center, the first LEED-certified office tower in New York City (2006), 4 World Trade Center (2013), Four Seasons Walt Disney Resort (2014), the Four Seasons Downtown and 30 Park Place (2016), One West End (2017), and 3 World Trade Center (2018).