Canada Pension Plan Investment Board (CPPIB), has entered into an agreement to finance a US$526 million construction-to-permanent loan to Kemper Development Company for a Bellevue, Washington-based mixed-use project.
CPPIB Credit Investments Inc., a CPPIB affiliate, will finance the loan for what will be a 1.5-million-square-foot expansion—also known as the Lincoln Square Expansion—of the Bellevue Collection.
The development will consist of a 41-storey multifamily and W Hotel tower, a 31-storey class-A office tower and a three-level retail podium, which will be anchored by a luxury theatre and chef-driven restaurants. The retail podium and towers will be situated above a six-level underground parking garage that is attached to more than 4,000 existing subterranean parking spaces.
“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 Dave Karson, an executive managing director at Cushman & Wakefield, the company that arranged the deal. “The expanded property will be one of the top integrated work-live-play destinations in the country and still owned by the family that built the mall 70 years ago.”
Currently, the four-million-square-foot complex features 250 retail shops, 30 sit-down restaurants, a 16-screen premier cinema, 1,100 luxury hotel rooms, 10,000 free retail parking spaces and more than one million square feet of class-A office space.
Photo: View of Lincoln Square Expansion from NE 4th & Bellevue Way