Waterfront Pearl
July 31st, 2009 from Ryan Frank at the Oregonian:
The Waterfront Pearl is the first major condo building to go back to the lender. The 194-unit, two-building projected was deeded in lieu of foreclosure on June 30 to its lender, a subsidary of Australia-based MacQuarie Group. The filing in Multnomah County shows the deed went to the lender on a debt of $99 million. The Waterfront Pearl has struggled since the developer, Pemcor Development of Vancouver, B.C., ran into construction problems. President Paul Mayer said last fall that the project came in over budget partly because of flooding during high water. Mayer tried to seek more money from his lenders. Obviously, that did not work out. The Waterfront Pearl is among the projects highlighted in this year's Street of Dreams show.
Email Article
Reader Comments