The tower is the largest and most ambitious recent addition to downtown’s skyline that include the Ritz-Carlton hotel, multi-million dollar condos and office space.
This story comes from the Portland Business Journal, a KGW news partner. The Business Journal has the full story here.
Downtown Portland’s Block 216 tower, home of the Ritz-Carlton hotel, faces potential foreclosure less than a year after completion.
Ready Capital (NYSE: RC), which acquired $503 million in debt on the 35-story building, said in a quarterly earnings call this week it was considering taking possession of the property.
“While the original strategy was to refinance the construction into
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