Consolidated Ownership of Luxury Condominium Lead by Morgan Stanley

January 03, 2011 / Russell Legato, Residential Property Analyst

Bellevue Towers, a luxury condominium deal with consolidated ownership between a small group of lenders lead by Morgan Stanley was finalized in Bellevue, a city in the Eastside region of King County, Washington. Morgan Stanley is an international financial services firm and a market leader in securities, asset management and credit services.

Consolidated Ownership of Luxury Condominium Lead by Morgan Stanley

As the original lead lender for the luxury condominium project, Morgan Stanley, along with its co-senior lenders have increased their venture in the development project, which is now placed into a new financial level.

The ownership transition for the luxury condominium is said to provide financial stability to market it and for property operational cost as the remaining units in the luxury condominium are sold.

Bellevue is one of the fastest growing cities in Washington. Real estate developers like Su Development is hoping to start building a 21-story tower in downtown Bellevue this spring. Apartments in the city are livelier despite the current gloomy real estate market.

According to the adviser of the lending group concerning the luxury condominium, Ira K. Glasser, the transaction is good news for prospective and current homebuyers in the condominium, while the consolidated ownership lead by Morgan Stanley and co-lenders will allow its marketing program to perk up.

The luxury condominium consists of a 43-story South Tower and 42-story North Tower with a total 539 home units. Facilities in the towers include community great room with an expansive outdoor veranda with fireplace, fitness center, sun deck, spa, a 24,000-square-foot city garden, and others.

Located at downtown Bellevue, the luxury condominium has an easy access to what the city has to offer.

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