BELLEVUE, WA-Property along Northeast Eighth Street between 108th Avenue Northeast and 106th Avenue Northeast remians Eugene Horbach’s this week, as lender Olympic Coast Investment extended the foreclosure deadline by two weeks, keeping alive his plans for up to 2 million sf of office, hotel, multifamily and retail space.

If Horbach does not make good on missed payments and late fees owed to Olympic Coast Investment, the land will be auctioned to the highest bidder. Both sides, however, would rather see straight sale, however, as it would likely provide a better return on the investment.

John Hoss, Olympic’s exectuive vice president, spoke with Friday morning and confirmed the reprieve. Hoss described the decision as Olympic “exercising an abundance of caution.” Hoss said Olympic’s loan servicing portfolio totals $100 million and Horbach holds the largest percentage of any one borrower. According to the company’s Web site, its loans are made at 13% interest.

In June, investment advisor Washington Capital Management Inc., which had loaned $22 million to Horbach’s Bellevue Technology Tower, but the property during a foreclosure sale.

The $108 million, 20-story office building was to rise on the corner of Northeast Fourth Street and 108th Avenue Northeast. But work stopped shortly after the underground parking garage was complete. Horbach fought with the project’s former general contractor and defaulted on the loan. Horbach reportedly owed more than $27 million, including interest and penalties.

At one point, the 377,000-sf project was 60% leased. It is not yet known what Washington Capital intends to do with the project.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.