Tuesday, January 12, 2016

HFF secures $95.5 million construction loan for Bellevue, WA office development


Rendering of planned Centre 425, Bellevue, WA      Rendering by Neeoscape
 NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $95.5 million construction loan for Centre 425, a 16-story, 362,988-square-foot, trophy office project with ground floor retail space in Bellevue, Washington.

Jennifer Keller

Working on behalf of Schnitzer West, LLC, a leading West Coast real estate investment and development company, and an institutional investor, HFF placed the loan with a national bank.  This is the second construction financing HFF has secured on behalf of Schnitzer for Seattle-area development projects in the last year. 

Michael Tepedino
Centre 425 broke ground in December 2014 at 425 106th Ave. N.E. at the northwest corner of N.E. 4th Street and 106th Ave. N.E. in the heart of downtown Bellevue. 

The property is situated within two blocks of the Bellevue Transit Center and within four blocks of Interstate 405 on the shores of Lake Washington, about 10 miles east of downtown Seattle. 

Upon completion in fourth quarter 2016, the Class A office development will feature a modern design, flexible floor plates allowing for optimal layouts and innovative workspaces. 

Centre 425 was designed from the inside out and is tailored to support the demanding needs of today’s business.  This starts with an updated version of Schnitzer’s signature “Great Room” concept, named “The Exchange”, a communal collaborative workspace with a variety of meeting rooms and “third-workplace” spaces built into the common areas.

 Schnitzer is also debuting “The Vue”, a spectacular rooftop conference and hospitality center featuring a flexible indoor and outdoor conference center, two beautifully landscaped terraces and panoramic views of Lake Washington, downtown Seattle and Mt. Rainier. 

Tom Wilson
This feature is one of a kind in Bellevue, and will be for the exclusive use of the office tenants in the project.  

Additional building amenities will include a fitness center with locker rooms and wellness center, bike lockers, business center, quiet rooms, concierge service and an eight-level, 739-space subterranean parking garage.

 Centre 425 will have 8,747 square feet of retail space divided into a 6,289-square-foot condominium sold to Bank of America as well as 2,458 square feet of retail space, which is planned to be a high end coffee shop.

The HFF debt placement team was led by senior managing director Michael Tepedino, managing director Tom Wilson and director Jennifer Keller.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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