Sunday, August 2, 2009

Waterfront Pearl goes back to the bank

From the Oregonian:

The Waterfront Pearl, one of four buildings featured in this year's Street of Dreams show, is the first major Portland condo project to go back to the bank since the condo craze crashed in 2007.

A subsidiary of Macquarie Group, an Australian financial firm, took over the 194-unit project this summer after the developer couldn't raise enough cash to cover cost overruns.

Developer Paul Mayer of Pemcor Development in Vancouver, B.C., tried since last year to negotiate a workout with his lenders. On other Portland condo projects, lenders and investors have stopped short of foreclosure by agreeing to take lower returns or a loss.

I enjoy walking by this building. The water feature is pretty cool but I wouldn't want to buy one of the lower level units because everyone walking on the riverfront can see in your unit.

The article covers much more in detail...worth the read.