Portland Condo Project Handed Back To The Bank
A major condo project in Portland, the Waterfront Pearl, is going back to its lender. Oregon Live reports that a subsidiary of Macquarie Group, an Australian financial firm has taken over the project because the developer could not raise enough money to deal with project cost overruns. The condo building is featured in this year's Street of Dreams show which is currently underway. This year the show is highlighting condos showing nine condos in four buildings.
The bank is still trying to sell the units, offering around 150 of the remaining units as rent-to-owns or for-sale condos. Units were originally priced at $350,000 to $1.3 million. A rush of building projects has led to many unsold condos in the market in Portland and many are selling at deep discounts from their original list prices.