Avenue Bellevue LLC in partnership with Fortress Development has secured financing for its flagship project, a two-tower luxury condo, hotel and retail development currently under construction in downtown Bellevue. 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 country 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.

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 South Tower will also boast the Pacific Northwest’s first-ever InterContinental Hotel with 208 hotel rooms, event space, restaurants and a bar.

The development team is led by Fortress Development, with Silverstein Properties serving as a development adviser and JTM Construction as general contractor. Avenue’s design team includes Seattle-based Weber Thompson, CollinsWoerman and Hirsch Bedner Associates.