Newmark Arranges $238M Refinancing for Lincoln Square North Office Tower in Bellevue

Newmark has arranged a $238 million refinancing for Lincoln Square North, a 561,466-square-foot Class A office tower in Bellevue, Washington, the firm announced March 25, 2026. The financing was secured on behalf of owner Kemper Development Company, with Blackstone and New York Life serving as lenders.

Deal Team and Financing Structure

The Newmark team that arranged the transaction was led by Jonathan Firestone, Co-President of Global Debt & Structured Finance, alongside Vice Chairman Blake Thompson and Associate Director Jack Condon. Loan terms, including loan term, interest rate, and recourse type, were not disclosed.

"This financing underscores the exceptional performance and institutional quality of Lincoln Square North and the strength of the Bellevue market," Firestone said. "With near-full occupancy, premier amenities and unmatched connectivity to The Bellevue Collection, the property continues to attract top-tier tenants and support meaningful rent growth. We're proud to partner with Kemper Development Company and our lending partners, Blackstone and New York Life, to deliver a flexible, efficient capital solution."

Lincoln Square North: Asset Overview

Developed by Kemper Development in 2007, Lincoln Square North is a 25-story, Class A office tower that is 100% leased as of the announcement date. The property is prominently positioned within The Bellevue Collection, a mixed-use destination that provides office tenants with direct access to over 1.8 million square feet of retail, dining, and entertainment via skybridges and tunnels. The tower features on-site security and management, smart parking, and premier amenities.

Leasing Performance and Bellevue CBD Market Context

According to Newmark Research, Lincoln Square North accounted for more than 461,000 square feet of new office leases signed or commenced between November 2023 and March 2025 — representing over 25% of total office leasing activity in the Bellevue CBD during that period.

The property's full occupancy and reported rent growth enabled Kemper Development to attract institutional lenders for the refinancing, with Blackstone and New York Life providing the capital. No sale price or cap rate was disclosed in connection with the transaction.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK) is a publicly traded commercial real estate services firm. For the twelve months ended December 31, 2025, Newmark generated revenues of nearly $3.3 billion. As of December 31, 2025, Newmark and its business partners operated from approximately 175 offices with over 9,300 professionals across four continents.

Sources: Newmark press release, March 25, 2026. https://www.nmrk.com/insights/press-releases/newmark-arranges-238-million-refinancing-for-lincoln-square-north-office-tower-on-behalf-of-kemper-development