Gerding Edlen investors lose millions

The collapse of the condo market has been devastating for Gerding Edlen, but the company is planning a green turnaround.

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Gerding Edlen Development Co., one of Oregon’s largest real-estate companies, built 3,200 condos worth $1.6 billion during its peak years.

But some of the company’s largest projects have been repossessed by lenders, resulting in losses of about $100 million. Now the company is focusing on green building for its recovery strategy.

“About everything that could go wrong did go wrong,” said [Portland real-estate investor Robert D. Scanlan], whose firm made and then lost millions on Gerding Edlen’s projects. “The fact that they’re still standing, that he’s still standing, is a semi-miracle.”

Instead of constructing new buildings this time, the company hopes to buy old ones, put them through green makeovers and hold the buildings or sell them.

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