Thursday, September 06, 2007

$684 Million Construction Loan Arranged for The Bravern in Bellevue

With the office towers at the under construction The Bravern in downtown Bellevue 100% preleased to Microsoft , it probably wasn't too difficult for them to get additional financing. What was a surprise to me is that the condos in the project aren't actually scheduled to be online until 2010. I believe the the local market for residential (including condos) will be very soft by then and there may be an opportunity to pick up one of these units for a relative song ...

Here's the official press release:

The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has arranged a $684 million construction loan for a 1,600,000-square-foot upscale retail, office and condominium project under construction in downtown Bellevue, Washington.

HFF senior managing director Mike Tepedino and director Steven Klein worked on behalf of Schnitzer West & Investcorp International, Inc. to secure a construction loan through HSH Nordbank.

The Bravern development will include two office buildings totaling 750,000 square feet, an upscale retail collection of approximately 305,000 square feet and two luxury condominium towers totaling 456 units. A below-grade parking garage will offer parking for 3,100 cars with reserved spaces for residents of the condominium towers. Located at 110th Avenue Northeast, The Bravern has a downtown Bellevue location immediately adjacent to Interstate 405 across Lake Washington from Seattle.

Due for completion in October 2008 and May 2009, the Class A office towers will have 12 and 22 stories and are 100% pre-leased to Microsoft. The retail component is projected to open in September 2009 and includes a 125,000-square-foot Neiman Marcus flagship store, which will be the first Pacific Northwest store for the company. The 29-story condominium towers will offer one-bedroom, two-bedroom, sky loft and penthouse units and are projected to be delivered by the first quarter of 2010.

Saturday, May 12, 2007

40 More People in Mortgage Business Lose Jobs in Bellevue

According to an article in today's Seattle Times, New Century Financial has closed its doors in Bellevue, leaving about 40 people unemployed for now. New Century worked primarily in the sub-prime market and made 4733 residential loans totaling $973.7 million in Washington state last year.

While this alone would not have a huge impact on the local real estate market, it may be a sign that the sub-prime mess will have a trickle down effect. Afterall, it is 40 less jobs in Bellevue and over 4700 loans that won't be made this year or next ...

What are your thoughts about this?

Saturday, April 21, 2007

It Hasn't Happened in Awhile - Now I Need an Investor to help Flip This House!

I'm still having a hard time believing it. I finally found a decent real estate investment in the Puget Sound area. It's not on the Eastside, but in a highly desired area close to everything.

It is a fixer, and is a duplex that is zoned multifamily. I think I can get it for a decent deal, but will not actually be able to see it until tomorrow to see all the work that is going to need to be done.

Now I need an investor who can secure a mortgage and help pay the cost of improvements. I will do all the work and contribute my commissions from both the purchase and sale of the property. There is also the possibility, with the right financing, to fix and hold this property as rental units until there is even more appreciation in the area.

If you are interested, please send me an email to Joe (at) AAAProperties.net or call 425-455-LIST (5478)

As I wrote above, I'm very surprised to find what appears to be such a good deal - I generally feel like the local real estate market is greatly overvalued. It is has been very rare for me to find such a deal and I'd like for you to share the benefits with me.