I just received really good news for the residents of Mosler Lofts in Belltown. A friend of mine that lives there just sent me an e-mail with all the details. He attached the recorded documents releasing the liens from title. (see below) Without a ton of investigation (I’m off to dinner), it appears that a settlement allowed for the release. Which makes sense; ultimately someone was going to have to budge.
After 2 years of waiting the owners have to be elated. This is pivotal for the success of future sales at the project. As I mentioned before litigation can be deadly for a condo project. It strikes fear in buyers, but is much more destructive in terms of financing. Up until a few weeks ago, many lenders would not touch the project. I believe that Seattle Bank had financed the last recorded unit. I was hoping to get additional feedback from the homeowners site dedicated to the lien (www.Molserloftslien.wordpress.com), but it now appears to be password protected.
I can tell you that my friend was thrilled. I can only imagine the feeling of all the other owners that have been patiently waiting for this time to come. This should open the door for more buyers to live in the award winning project.
Here are the recorded lien release documents from Chicago Title
Here are some panos I took last year from the rooftop deck: