Canada Pension Plan Investment Board (CPPIB) is financing the extension of a mixed-use property development near Seattle.
Wholly-owned subsidiary CPPIB Credit Investments is providing a $526m (€469m) construction-to-permanent loan to Kemper Development Company.
CPPIB Credit’s Private Real Estate Debt group invests directly in first-mortgages, b-notes, mezzanine loans, preferred equity and single-asset commercial mortgage-backed securities (CMBS).
The financing will be used for a 1.5m sqft expansion of the Bellevue Collection, known as the Lincoln Square Expansion in Bellevue, Washington.
Development of the expansion is underway, with a 41-storey multifamily and W Hotel tower to be added to the scheme.
A 31-storey office tower and three-level retail podium, anchored by a theatre and restaurants, will also form part of the extension.
The 4m sqft Bellevue Collection, in downtown Bellevue, currently includes 250 retail shops, 30 restaurants, a 16-screen cinema, 1,100 luxury hotel rooms and more than 1m sqft of class-A office space.