An ambitious condo project in downtown Salem faces foreclosure following a lawsuit from the lender.
The Meridian, an 89-unit condo project in downtown Salem, faces foreclosure following a lawsuit from the lender against The Meridian’s owners.
First Citizens Bank & Trust Co. says a payment on the project is due and expects a total of about $35 million in unpaid principal, interest and late fees. The Meridian is the largest of the condo buildings recently completed in downtown Salem.
Dan Berrey, the developer of The Meridian, said Thursday that he was optimistic about the chances for negotiating an extension of the construction loan and avoiding foreclosure.
Filing the lawsuit amounted to “due diligence” on the bank’s part in the event the parties can’t reach an agreement, he said. Negotiations with the lender are ongoing “as we speak,” Berrey said.
Read the full story at the Statesman Journal.
{biztweet}The Meridian Salem lawsuit{/biztweet}
