TIAA-CREF has provided Kemper Development Company with $220m to refinance the Eddie Bauer Building in Bellevue, Washington.
The financing comes on the heels of a $526m construction-to-permanent loan from a CPPIB Credit Investments affiliate to Kemper for the 1.5m sq ft Lincoln Square Expansion, both of which were arranged by Cushman & Wakefield and finance sections of the 4m sq ft Bellevue Collection development.
Developed by Kemper Development in 2007, the 28-story, 538,705 sq ft Class A Eddie Bauer office building is located in the center of the Bellevue Collection, on the corner of NE 8th and Bellevue Way NE. It is fully leased since opening to Eddie Bauer and Microsoft Corporation.
A C&W Equity, Debt & Structured Finance team of Dave Karson, Alex Hernandez and Chris Moyer, the same team that arranged the CPPIB deal, represented Kemper Development.
“As Kemper Development Company continues to develop the Lincoln Square Expansion next door, securing attractive, long-term financing for this trophy office tower is another step toward positioning the company for its continued success.” Karson said.
“The Seattle Bellevue market has become a top destination for both domestic and international lenders and investors as they find themselves priced out of cities like New York and San Francisco.”
The Bellevue Collection includes the Bellevue Square regional shopping center; Bellevue Place, a mixed-use property featuring the Hyatt Regency Bellevue and small boutiques; and Lincoln Square, anchored by Lincoln Square Cinemas, restaurants, home furnishings and The Westin Bellevue.
The center includes 250 shops, 30 restaurants, a 16-screen cinema, 1,100 hotel rooms and 10,000 free parking spaces. It is located on Bellevue Way between NE 4th and NE 10th Streets in downtown Bellevue, just across Lake Washington from Seattle.
The C&W team also previously arranged a $110m loan from Metropolitan Life Insurance for The Westin Bellevue in June 2015.
The team did not immediately respond to requests for more information on loan terms. The CPPIB financing included an up to three-year, fixed-rate loan that converts to “four distinct long-term loans.”