I just read in The Oregonian that First Citizens Bank of North Carolina who holds the note for The Meridian project just filed to foreclose on the project. You can read the filing papers if you are so inclined, but it's a lot of money, $35 million or so that the bank is owed. I can't say that I am surprised since so few units have sold in the complex, but it really is a beautiful building and I am saddened that it has come to this. My understanding is that the developers are trying to negotiate with the lender and here's hoping they are successful.
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