I have your lender for getting deals done at Mosler Lofts. For any of you that were not aware, there has been a lien between JE Dunn and The Schuster Group/Belltown Developing Partners. This is not “new” news by any means, but the building has had this hanging over it for quite some time. You can read an article here from January of 2008 regarding the lien. Also, you can refer to a site built by Mosler homeowners to discuss the latest in regards to the lien as well (see here)
The lien has truly had an impact on sellers and potential buyers for the project. I experienced it myself last year as I tried to help a homeowner sell on the third floor. The response was quite mixed, but there were a significant amount of buyers that did not want to purchase knowing that at that time the lien amount was over 6 million dollars. Since then the lien has been reduced to 2.7 million due to the latest summary judgement.
So getting back to the positive news. A friend of mine Chris Allen shared some information with me about a well known Seattle Bank that will lend on Mosler regardless of the current litigation. This is great news for owners of this fantastic project. In fact there is a deal pending as we speak that will close using the above mentioned lender.
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