Avenue Bellevue, LLC, in partnership with Fortress Development, recently announced that they secured financing for its flagship project, Avenue Bellevue. The two-tower luxury condo, hotel and retail project, is currently under construction.
The $700 million transaction with Silverstein Capital Partners is the largest construction loan in Bellevue history. It is also one of the largest recorded in the United States since the start of the pandemic. The deal 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.”
Avenue Bellevue 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.
“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.”
The mixed-use development is located at the corner of Northeast 8th Street and Bellevue Way. It will feature 141 “Estate Homes” in the South Tower and 224 “Residences” in the West Tower. The South Tower will include the Pacific Northwest’s first-ever InterContinental Hotel, with 208 hotel rooms, event space, restaurants and bar, gym and spa, and concierge team.
There will be a plaza connecting the two towers, which will feature high-end retail, food, nightlife, a fresh market, and dining. The restaurants that have been announced so far include a sea-life focused restaurant from three Michelin-star chef Joshua Skenes, and an Asian restaurant, BUDDHAzen.
Avenue was designed in partnership by Seattle-based, award-winning architecture firms Weber Thompson and CollinsWoerman, as well as Hirsch Bedner Associates, the largest hospitality firm in the world.
Bellevue-based developer, Fortress Development is a commercial real estate developer and privately held investment company. Founded by Andy Lakha, a Bellevue Rresident who has been in commercial real estate for more than two decades.