The CPPIB’s credit unit has entered into an agreement to provide a US$526 million construction-to-permanent loan to Kemper Development Company.
The financing is for the 1.5 million-square-foot expansion of the Bellevue Collection, known as the Lincoln Square Expansion, located in Bellevue, Washington.
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Development of the Lincoln Square Expansion is underway and will consist of a 41-storey multifamily/W Hotel tower, a 31-storey Class A office tower and a three-level retail podium, which will be anchored by a luxury theatre and chef-driven restaurants.
CPPIB Credit’s Private Real Estate Debt group invests directly in diverse types of private real estate debt, including mezzanine loans, preferred equity and single-asset commercial mortgage-backed securities.
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