BELLEVUE, WA Developers of the Lincoln Square mixed-use complex under way downtown here have secured a $255 million construction loan syndicated by Fleet National Bank and Dresdner Bank AG. The majority owner of the project is Lend Lease Value Enhancement Fund IV.
Plans for the $360 million Lincoln Square project consist of a 27-story, 530,000-square-foot office building and a 42-floor tower consisting of 148 luxury condominiums above a 303-room Westin hotel. Both towers sit above 330,000 square feet of specialty retail including restaurants, a 12-screen movie theater and a 60,000-square-foot health club.
The project is being developed jointly by Lend Lease Real Estate Investments and Westbank Investments of Vancouver. Lend Lease s Value Enhancement Fund IV is the primary investor in the retail, office and residential components while Westbank and Starwood Hotels & Resorts are the primary owners of the hotel. (5/16/01)