BELLEVUE, WA-An old condo-conversion project in Bellevue'sFactoria area has changed hands for $17.6 million. Santa Monica,California-based Doerken Properties has sold Tenzen, a 72-unitmultifamily property located at 4117 124th Ave. S.E., to San Jose,California-based FRE 532 LLC.
Wysong Capital Management of Seattle purchased the property in2007 for $12.3 million and started turning it into condos. Thecompany borrowed over $14.8 million from First Mutual Bank andanother $1.7 million from Doerken, which later took control of thebuilding. For the full story, go to Puget Sound Business Journal .
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