A group of senior lenders from Morgan Stanley financial services firm consolidated ownership of Bellevue Towers on Thursday.
Morgan Stanley and its co-lenders have increased their financial investment in the downtown luxury condominium development. The consolidation provides financial stability for the property as remaining condominiums are sold, according to a press release.
The new ownership group also announced new list pricing showing an average cumulative discount of about 30 percent from the condominiums’ original list prices. This is a further decrease of 10 percent from the initial pricing drops in July of 2009.
Bellevue Towers includes a 42-story north tower and a 43-story south tower with 539 homes. Property amenities include: concierge services, a 24,000-square-foot urban garden, a screening room, a fitness center, a spa tub, a sun deck, and an outdoor terrace with a fireplace. For more information, call (425) 454-9922 or visit www.bellevuetowers.com.
Why don’t they just convert some of them to apartments?
Washington Square is so much better at marketing the condo (lease to own) even though Bellevue Tower are just as, or even in my mind, a bit better than WA Square.
This positions Bellevue Towers very well to compete in a market that will be gaining momentum as the economy turns around. The prices can now adjust up as the market changes. The Bellevue Towers project is a beautiful addition to the downtown skyline. MulvannyG2 did a spectacular job designing it.
I am very glad that they have decided not to rent the units. There is enough rental units in downtown now. It is important to have the permanence of ownership.
Kudos to the previous owners for the way they handled the transition.
Cheers…Steve
All this really means is that Bellevue Towers has been constructively foreclosed by its lenders. I’m not sure how buyers sleep at night knowing a large investment bank is now running their condo project. Last I checked, investment banks don’t have the best credibility.