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Real Estate Bisnow
   
January 10, 2012 
 
 

How to Buy
Distressed Debt


 
Trend alert: Distressed debt is hot right now. So says Josh Anderson, COO of The Roseview Group. (We hear there's a two-for-one sale at Macy's. Oh wait, that's on distressed jeans.)
 
The Roseview Group's Josh Anderson shows off the skyline view in his downtown office.
Big picture, we are nearing the end of the cycle of distress, Josh tells us. "Big banks are in the seventh inning of a nine-inning game of resolving their distress. They're ahead of the smaller banks, who are maybe in their fourth or fifth inning." In the meantime, a lot of people are lined up to buy notes.
With so many baseball analogies, we thought it would be a good idea to sneak in a picture of SafeCo Field.
(With all the baseball analogies, we thought a pic of SafeCo Field was appropriate.) How long before there are no more corporations in distress? (Epic poem heroes are wondering when they can go back to saving damsels.) "We're four years into this. It's going to take a few years to be done." Before 2008, Boston-based Roseview specialized in helping firms build equity. It survived the Great Recession by helping banks resolve their distressed assets. In 2013, the company is looking forward to getting back to its roots, with a mix of advising banks and growing capital. (Josh's true confession: "It''s more fun raising capital to fuel real estate companies' growth than helping banks work through their bad loans and REO.") There are also plans to do more in the Pacific Northwest. "We may even grow the Seattle office!"
The Boss, Bruce Springsteen, still enchanting crowds wherever he plays.
Best thing about the region, according to Josh? Other than the soccer, the avid Sounders fan says it's the music. He was in Portland this fall to watch Bruce Springsteen live ("He's a national treasure"), caught Prince in Vancouver, and unabashedly admits to going to see Billy Idol play that guy's birthday a few months ago.

The Big Deals in Bellevue
 
Goodman Real Estate's George Petrie
Goodman Real Estate president and CEO George Petrie has had a busy winter: Goodman had 17 projects close in some shape or form between Nov. 15 and Dec. 31, either as disposition, acquisition or refinance. One he is especially excited for is a 350-375 unit project Goodman is planning in east Bellevue. "There hasn't been a lot of new product in that marketplace," he says. George expects Bellevue to boom all the way from the CBD to 156th during the next few years. We flipped on our camera just before he spoke at our Multifamily Summit back in November—hear what he has to say in the video above.
The old Barnes and Noble block in Bellevue is slated for development.
Just when it seemed downtown Bellevue was getting a little bit cramped for office (Class-A vacancy was around 7.4% at the end of the year), along comes The Rockefeller Group and Sterling Realty Organization, who have teamed up to produce three podium office towers, with 2.4M SF on five acres of prime downtown real estate (with numbers like that, we expect lords-a-leaping and maids-a-milking in the lobbies). While this is exciting news in one of the more development-ripe areas in the country, don't expect immediate changes to the skyline—Rockefeller is planning "phased development" and has not given any sort of timeline.

Where Are We?
 
Mystery location, somewhere in Seattle. Do you know where we are?
No, we didn't sneak into Dale Chihuly's house again (once was enough). But we are looking at an awful lot of glass. Write us an e-mail and tell us where we are, and we may get you into our next event for free. Blythe.lawrence@bisnow.com.
 
 
 
 
NewAcre (Distressed) SEA
 
Reznick (CohnDebut) SEA
 
Arent Fox (REI) SEA
 
Microsoft (Share)
 
Bisnow (Writer2)
 
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