Banks Start To Lose Patience With Portland Developers
The past couple of weeks have seen a number of high profile repossessions, notably the Waterfront Pearl. Frank Ryan at The Oregonian has the full story. Having exhausted work-out options, banks also appear to be stepping up the pace with subdivision developers in the Portland metro area.
Here’s what’s happened in the past four weeks:
- West Coast Bank took back a Stephenson subdivision, consisting of six 3,000 SF homes
- The high-end 10-unit subdivision at SW Autumn View in West Linn with an unpaid balance in excess of $1.2 M goes back to Community Financial Corp
- Home Street Bank took one of its largest hits this year and took back a 20-unit subdivision in Beaverton
- A six unit subdivision near NW Cornell and 95th reverted back to Sterling Savings Bank
- Albina Community Bank repossessed a subdivision at 134th and SE Foster
- MBank is the new owner of a 6-unit subdivision near SE 122nd and SE Raymond
- Clackamas County Bank now holds title to a six unit complex at 92nd and SE Division
- Washington Federal Savings adds a subdivision in Tualatin to their portfolio of REOs
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