Lend Lease's Lincoln Square secures $255 million construction loan

BELLEVUE, Wash. — Downtown Bellevue is becoming "uptown" as two developers, Lend Lease Real Estate Investments Inc. and Westbank Investments (USA) Inc. of Vancouver, British Columbia, have secured a $255 million construction loan to build a huge mixed-use complex known as Lincoln Square. Fleet National Bank and Dresdner Bank AG provided the loan. Kennedy Associates Real Estate Counsel, a Seattle-based pension advisory firm, will invest $51 million in the hotel aspect of the project.

The $360 million project will consist of a 27-story, 530,000 sq. ft. office building and another 42-story tower containing 148 luxury condominiums and a 303-room Westin Hotel. Both towers will cover a specialty retail space of 330,000 sq. ft. that includes restaurants, a 12-screen movie theater and a 60,000 sq. ft. health club. An underground parking deck with 2,142 spaces also will be developed.

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