SEATTLE-Portland-based Gerding Edlen, the developer of Bellevue Towers, has transferred the development to its lenders to avert foreclosure. Bellevue Towers is a 539-unit development in downtown Bellevue.
According to county records, the developer has turned over the project's unsold units to an entity headed by Morgan Stanley. Gerding Edlen built the 43- and 42-story buildings by borrowing $275 million from the Morgan Stanley consortium and a $67 million mezzanine loan from Washington Holdings. For the full story, go to Seattle Times.
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