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