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September 23, 2018 - September 29, 2018

Avenue Bellevue Mixed-Use Condo & Hotel Project Redesigned

Avenue Bellevue Mixed-Use Condo and Hotel Project in SeattleAt 10300 NE 8th St in Bellevue just north of Bellevue Square Mall, a two-tower condominium and hotel project will be built and will be called Avenue Bellevue.

The project will contain 251 luxury hotel rooms, a retail podium and 330 condominium residences. One tower will contain a mix of hotel rooms and residences and the second tower will have all condominiums.

Rendering by Weber Thompson

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


Westbank's Skyscraper at 2000 3rd Ave Will Be Condos Called First Light

Westbank's skyscraper at 2000 3rd Ave in Seattle will be new condos called First LightThe 500 foot skyscraper planned for 2000 3rd Ave will be built as condominiums according to the project developer, Westbank of Vancouver, British Columbia.

The lot is currently a surface parking lot and a sales center pavilion is being constructed on the site at this time.

Some of the buildings proposed highlights:

  • 459 condominium units
  • Cantilevered rooftop swimming pool
  • Podium will have retail space
  • 6 floors of office space
  • 38 floors of residences
  • 3 floors of amenity space
  • Will be a luxury project

We will know more about this project once Marco returns from his trip this week to Vancouver to meet with the development and sales team and learn more about the developer, the architect and this new building, which will be called First Light.

Rendering from James KM Cheng Architects and MG2

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


Fannie Mae Changes Lending Guidelines for Condos

Fannie Mae recently changed their condominium lending guidelines. These changes were meant to simplify policies and increase underwriting flexibility.

Here is a list of some of the most beneficial changes:

  • Waive the single-entity ownership percentage requirement when the purchase transaction will result in a reduction in the single-entity ownership concentration Fannie Mae Changes Lending Guidelines for Condos, Affecting Seattle Condo Buyers
  • Not include units held by non-profits, affordable housing programs, or institutions of higher education in the percentage of single entity ownership calculation
  • Allow single-entity ownership in projects with 21 or more units to increase to 20%, up from 10%
  • Increase allowable commercial space to 35% of the projects total square footage, up from 25%
  • Exempt commercially owned or operated parking spaces from the project’s commercial space calculations
  • Allow a new condo project to be reviewed as an “established” project if requirements are met
  • Condo properties approved by FHA's HUD Review and Approval Process (HRAP) will only require a limited review
  • Waive project review requirements on smaller properties (two to four unit condo projects)

These updated guidelines better reflect current trends in condo development and provide additional flexibility for condominium lending reviews. The loosened requirements permit many condominium buildings which previously did not meet lending review criteria to qualify for conventional financing, creating additional inventory for home shoppers and a simplified financing process.

Specifically in Seattle, the commercial space percentage limits and calculation changes will be helpful for condo communities such as 2200 Westlake, Enso and Tribeca.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.