The Monterey

Community Address:
5901 Montrose Road, North Bethesda, MD 20852

Description:
The Monterey is high-rise apartment (built in the '60s and named The Pavillion) that was purchased by Triton Real Estate Partners in 2005 for $117 million.  The developer attempted to substantially renovate and convert the building to condominiums for sale, but sales were slow (The Mayhood Company handled the sales of about 35 to existing tenants) after starting in the summer of 2006 and Triton defaulted on their loan.  The developer spent as much as $30 million upgrading the interiors, amenities, and exterior facade including enclosing balconies as sunrooms.  CBRE Realty Finance took the project back at foreclosure after a brief dispute with Montgomery County.  The county argued they had right of first refusal.  Luckily for the county they did not purchase the property because CBRE could not revive the sales efforts eventually sold the property to a team made up of Angelo, Gordon & Co. and Federal Capital Partners.  The team purchased the property for $97 million in early 2008 and will invest another $17 million in renovations and lease the units as Class A apartments.  CBRE took a writedown of at least $37 million according to the WBJ.  Triton Real Estate Partners had two other condo conversions foreclosed on:  Rodgers Forge in Baltimore, MD and The Landing at Spa Creek in Annapolis, MD.  Related Articles: Gazette.net from Aug. '07 and Washington Business Journal from Mar. '08.

Home Types:
1BR, 1BR/Sun, 2BR/Sun, 3BR/Sun

Community Website: http://www.themontereyapartments.com

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