Portland developer tanks

Foreclosure is set to take its first major commercial-developer casualty in Portland.

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John Beardsley, responsible for the restoration of several historic downtown Portland buildings, will be the first major commercial developer to face foreclosure.

Since May 1, lenders have filed default notices – the first step in a foreclosure – on 10 properties owned by Beardsley’s companies. The defaults cover loans and sales contracts originally signed for $58 million and taken out during the real estate bubble between 2003 and 2007, according to Multnomah County property and court records

Beardsley also owes the county $354,000 in back taxes, according to county records.

Read the full story at OregonLive.com.