BELLEVUE, WA - A small group of senior lenders represented by Morgan Stanley, a leading global financial services firm, acting as Administrative Agent on behalf of itself and the other senior lenders, today finalized a transaction to consolidate ownership of Bellevue Towers, the luxury condominium development in downtown Bellevue.
Source: Bellevue Towers
As the original lead senior lender on the project, Morgan Stanley, along with its co-lenders, have increased their investment in the project 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, which draw new visitors to Bellevue Towers daily. New investment by the consolidated ownership group allows for refreshed marketing, as renewed activity in Bellevue Towers is heating up. In fact, 12 sales have been made in the last six weeks.
"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. We also believe that under our new consolidated ownership, Bellevue Towers presents a solid overall value for any potential new homeowner."
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. Our new ownership team has given us renewed energy and license to sell our remaining homes. I can state with confidence my opinion that there's never been a better time to purchase a home at Bellevue Towers."
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. Residents of Bellevue Towers have access to a 24,000-square-foot urban garden, private screening room, large dining room with terrace and kitchen, fitness center, spa and sun deck, as well as a community great room that opens to an expansive outdoor terrace with fireplace.
Standard finishes in all Bellevue Towers homes include Viking or Wolf cook tops and ranges, Sub-Zero refrigerators, Bosch dishwashers, full-height granite kitchen-counter backsplashes and master bathrooms finished in marble or travertine.
Bellevue Towers is a two-tower, 42- and 43-story condominium community located in downtown Bellevue within easy walking distance of shopping, dining and the Downtown Park. Bellevue Towers features large, luxuriously-appointed floor plans that showcase spectacular city, lake and mountain views together with extensive homeowner amenities including a fitness center, spa, screening room, guest suites, dining room, community great room and rooftop park between the towers. As sustainable as it is luxurious, Bellevue Towers has been awarded LEED (Leadership in Energy and Environmental Design) Gold status, making it the largest LEED Gold residential development in the Northwest.