New ownership invests in Bellevue Towers
December 30, 2010 · 3:41 PM
A small group of senior lenders represented by Morgan Stanley has finalized a transaction to consolidate ownership of Bellevue Towers, the luxury condominium development in downtown Bellevue.
As the original lead senior lender on the project, Morgan Stanley, along with its co-lenders, increased their investment in the project Thursday to consolidate ownership of the development, placing it on new financial footing. The ownership transition provides financial stability to continue to market and operate the property as remaining units are sold.
"This is good news for current and prospective homebuyers at Bellevue Towers, allowing the project to re-set pricing and move forward with the orderly retail sale of the remaining homes," said Ira K. Glasser, adviser to the lending group concerning Bellevue Towers. "This investment in Bellevue Towers is an investment in downtown Bellevue and an investment in the community."
With construction completed in 2009, the high-profile project is a centerpiece of downtown Bellevue. The development boasts the tallest towers in Bellevue and three popular new local restaurants, Purple Cafe and Wine Bar, Barrio and Lot 3.
"While many condominium projects around the country have gone into foreclosure, this consentual consolidation of ownership by the lenders allows Bellevue Towers' marketing program to continue to move forward," Glasser said. "We believe in the long-term prospects of Bellevue and the Puget Sound region.
The new ownership group also announced new list pricing that reflects an average cumulative discount of about 30 percent from original list prices. This price reduction reflects the realities of the residential real estate market, including the overall health of the economy, ongoing reductions in home values and the availability of financing.
"With 118 units closed, over a dozen closings scheduled in the upcoming weeks and another 50 units either in contract or under negotiation at this time, buyers continue to be attracted to our prime location and views, the spacious floor plans and the outdoor space in the urban garden," said Patrick Clark, principal with Realty Trust, the company marketing and selling the project. "Bellevue is an attractive place to live, and the price reduction makes Bellevue Towers the most compelling condominium project in the region.
Bellevue Towers consists of a 42-story North Tower and a 43-story South Tower with 539 total homes. Each tower offers its own dedicated concierge service, while sharing an array of other amenities.
More information is available at 425-454-9922 or visiting www.bellevuetowers.com.