MetLife has provided Kemper Development Company with $110m to refinance the Westin Bellevue hotel in downtown Bellevue, Washington.
The 10-year loan, which carries a 60% loan-to-value, takes out a previous $49m loan MetLife used to refinance the property in 2006.
The recently renovated AAA Four-Diamond hotel houses 21 meeting rooms totaling over 35,000 sq ft. It is part of The Bellevue Collection, a 4m sq ft collection of mixed-use properties.
The Bellevue Collection includes a 1.3m sq ft shopping center, Bellevue Square; two Class A office towers totaling more than one million sq ft; a 732-room Hyatt Regency Bellevue; luxury high-rise condominiums with 148 units; and, under construction, a 707,000 sq ft Class A office tower, a 245-room W Hotel, 231 luxury residences and 177,000 sq ft of retail.
“The hotel sits at the center of the city, with easy access to what will soon include over 60 restaurants and Bellevue’s best amenities,” said Dave Karson, a Cushman & Wakefield executive managing director who was part of the team that arranged the financing. “We’re pleased that MetLife recognized this and dramatically improved their loan on the asset.”
The Cushman & Wakefield team also included Dan MacDonnell, Stephen Michels, Chris Moyer and Nik Feldman.
“We presented our client with multiple fixed and floating rate options with terms up to thirty years,” MacDonnell said. “With rates starting to rise, we were pleased to lock in favorable long-term rates combined with other advantageous financing terms for our client.”