Mortgage Banking

Making sense of commercial real estate finance.

$684 Million Construction Loan

Posted by Jordan Crouch on October 10, 2007

The Northwest isn’t NYC, Boston or Vegas, so a construction loan of this size is noteworthy. In Bellevue, WA a new 1.6 million square feet project is underway adjacent to the Bellevue Convention Center. Developed by Schnitzer West and called The Braven, it will include two office towers, two condo towers and 300,000 SF of retail anchored by a Neiman Marcus. The office portion is already leased 100% to Microsoft. Earlier this year, Schnitzer West announced Investcorp International is an equity partner in the deal. The project comes online starting next year with the condos finishing in 2010.

The $684 million construction loan was brokered by one of our competitors and funded by HSH Nordbank AG out of its New York office. HSH is a German bank with offices in 17 countries, $290 Billion in assets and roughly 4,600 employees. Pretty large for a company I’ve never heard of.

If you’re curious about what the project looks like currently, check out this webcam.

bravern.jpg

(Thanks to Ryan for the pic)

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