Waterfront Pearl Averts Foreclosure
UPDATE (8/5/09) Waterfront Pearl has now been foreclosed on (died-in-lieu of foreclosure). The Oregonian has the details. Post below reflects the status as of March 2, 2009.
Loan Restructuring Saves Waterfront Pearl From Foreclosure
The Waterfront Pearl has taken a critical step towards averting foreclosure. In the past couple of months the Vancouver B.C-based developer received several near-lethal blows – a $15.8 million construction lien as well as a foreclosure filing by one of the main lenders.
Literally on the brink of foreclosure, this luxury waterfront development appears to have bounced back. Rumor now has it that the first lender CDPQ has agreed to sell its note to the second lender MacQuarie Group, resolving the issue of judicial foreclosure and creating a new ownership structure for the Waterfront Pearl.
Removal of construction lien to be recorded this week
In the process of restructuring the loan, a settlement has also been achieved with Hoffman Construction. The removal of the lien is set to be recorded this week. Expect more details when the O catches up in the next couple of days and construction activity resumes.
Stay tuned…
