Big real estate news
in Bellevue, Washington. The developer of Bellevue Towers
, the biggest complex in the region, has turned it over to the lenders to avoid foreclosure. The 539-unit, two-towered complex has struggled to find buyers since its completion nearly two years ago at the start of the real estate
collapse. Only around 120 units have sold. The buildings are the tallest on the Eastside. The Seattle Times reports
that Gerding Edlen transferred the downtown Bellevue project's unsold units on Thursday to an entity led by Morgan Stanley
, according to county records. The developer had borrowed
$275 million in 2007. The loan
matured a year ago and the lenders have been paying the project's bills since then.
On average units are priced about 30 percent lower
than their original prices.The complex includes a fifth floor amenity suite with a fitness center, spa, cold-dip pool, sauna, steam room and terrace. The 42-story towers offer dramatic views.The podium between the towers is designed to have urban gardens with walking paths, a pet area and a linear water feature.
Given the need to move units I wouldn't be surprised to see a condo auction on this one to move some units more rapidly.