Cushman & Wakefield represented Kemper Development Company in the $110 million refinancing of The Westin Bellevue hotel in downtown Bellevue, Washington.
The financing was provided by MetLife.
The Westin Bellevue is a recently renovated, AAA Four-Diamond award-winning hotel housing 21 meeting rooms totaling over 35,000 s/f.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Dan MacDonnell, Stephen Michels, Chris Moyer and Nik Feldman, represented Kemper Development Company.
“We are very pleased to represent one of the top owners in the Pacific Northwest and work with a strong lender in the transaction,” said Dan MacDonnell, a Cushman & Wakefield senior managing director.
“We presented our client with multiple fixed and floating rate options with terms up to 30 years. With rates starting to rise, we were pleased to lock in favorable long-term rates combined with other advantageous financing terms for our client.”
The Westin is part of The Bellevue Collection, a four million square foot collection of connected mixed-use properties that comprise a shopping center, two Class A office towers, the 732-room Hyatt Regency Bellevue, 148 luxury high-rise condominiums, and coming next year, a new 707,000 s/f Class A office tower, a 245-room W Hotel, 231 luxury residences and 177,000 s/f of retail.