Last week the Washington State Department of Financial Institutions closed Washington First International Bank, which was the commercial lender on the Volta Condominium. The FDIC was named as receiver and immediately sold the failed bank to East West Bank of Pasadena, which acquired $501 million of Washington First’s $520 million in assets.
For now, it appears funds to complete the long overdue project is in limbo. Fortunately, East West Bank, with $20 Billion in assets, is in a far more stable capacity to finish the project if they so choose.
The project, which was previously known as The Alex, was originally scheduled for completion back in September 2008. Stay tuned. I’m sure we’ll be hearing more.
Updated 1/27/11: The project in its current form is done. A Trustee’s auction has been scheduled for March 18, 2011. The developer defaulted on a $1,488,325.
Update 9/13/2011: The project, which had been foreclosed, was recently purchased by a New Jersey real estate investment company. I suspect they will complete the project as apartments in the near term.