Monday, September 14, 2009

Corus bank financed over $300 million of Portland's condo development

On Friday the FDIC closed Corus Bank. This bank kept funding condo developments long after other lenders pulled back so this isn't too much of a surprise.

The bank was active in the Portland market and funded over $300 million worth of projects.

Here is the rundown:
The Westerly $53,000,000
3720 $115,000,000 (converted to apartments)
The Strand $82,000,000
The Elizabeth Lofts $37,000,000 (no units for sale by developer so this had a good ending)
Broadway Condominiums $31,000,000