My favorite foreclosure case these days is one in which we negotiated a settlement whereby my clients stipulated to a judgment of foreclosure in exchange for certain considerations A sheriff’s sale was held and the the lender bid its note. Since it was the only bidder. it was the successful bidder. Apparently sometime during this process the lender sold the note. I now get repeated phone calls from a new “servicer” who claims that they have no record of the foreclosure sale, have never heard of the law firm that represented the previous lender and refuse to make any effort to contact that law firm. I addition to the calls I have taken, I have received voice mails from them indicating they are calling to resolve the debt. I have no idea why financial institution stock prices have risen so far in the past year. But it can’t be because of their reaction to the foreclosure crisis.
An architect has paid $4.25 million for the downtown YWCA building, one year after Northwest Academy opted not to close a $7.2 million deal for the iconic building at 1111 S.W. 10thAve.
Wei Zhang, managing partner of WHJHoldings LLC and principal architect at BDCL Design International LTD purchased the building in a deal that recorded Dec. 6, according to a statement from his Portland attorney, Gregory Dolinajec. Continue reading article.
I recently had the opportunity to assist several clients in acquiring an iconic Portland building.
A Bellevue, Wash., architect has bought the YWCA Building in downtown Portland with plans to turn it into residences with art-focused commercial space.
Wei Zhang, principal architect at BDCL Design International, bought the building at 1111 S.W. 10th Ave. for $4.25 million in a venture with partners based in Vancouver, B.C., and China. The deal closed in early December.
The private Northwest Academy middle and high school had a contract to buy the building from the YWCA of Greater Portland and turn it into a permanent home for its scattered downtown campus. But the sale and needed structural upgrades would have been a seven-figure venture, and the school balked at paying off an outstanding $2.7 million debt to the city of Portland as part of the deal.
The needed upgrades won’t be as significant for commercial use, Zhang said. His real-estate attorney, Gregory Dolinajec, said the debt to the city had been paid off as part of the transaction. Continue reading article here.