Thursday, September 06, 2007

$684 Million Construction Loan Arranged for The Bravern in Bellevue

With the office towers at the under construction The Bravern in downtown Bellevue 100% preleased to Microsoft , it probably wasn't too difficult for them to get additional financing. What was a surprise to me is that the condos in the project aren't actually scheduled to be online until 2010. I believe the the local market for residential (including condos) will be very soft by then and there may be an opportunity to pick up one of these units for a relative song ...

Here's the official press release:

The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has arranged a $684 million construction loan for a 1,600,000-square-foot upscale retail, office and condominium project under construction in downtown Bellevue, Washington.

HFF senior managing director Mike Tepedino and director Steven Klein worked on behalf of Schnitzer West & Investcorp International, Inc. to secure a construction loan through HSH Nordbank.

The Bravern development will include two office buildings totaling 750,000 square feet, an upscale retail collection of approximately 305,000 square feet and two luxury condominium towers totaling 456 units. A below-grade parking garage will offer parking for 3,100 cars with reserved spaces for residents of the condominium towers. Located at 110th Avenue Northeast, The Bravern has a downtown Bellevue location immediately adjacent to Interstate 405 across Lake Washington from Seattle.

Due for completion in October 2008 and May 2009, the Class A office towers will have 12 and 22 stories and are 100% pre-leased to Microsoft. The retail component is projected to open in September 2009 and includes a 125,000-square-foot Neiman Marcus flagship store, which will be the first Pacific Northwest store for the company. The 29-story condominium towers will offer one-bedroom, two-bedroom, sky loft and penthouse units and are projected to be delivered by the first quarter of 2010.