In a Seattle Times article this morning, the Four Seasons Hotel and Private Residences had been in dire financial straits but was able to secure a reprieve:
Downtown Seattle’s ultraluxury Four Seasons Hotel & Private Residences is out of financial trouble, its developer said Tuesday, thanks to a fresh infusion of cash from its original investors that allowed it to restructure debt.
The firm said it had defaulted on its construction loan in December 2009, and until last week the 21-story, $180 million complex was at risk of foreclosure or bankruptcy.
According to the NWMLS, there hasn’t been any sales (pending or closed) at the Four Seasons Private Residences since last October.
The 1521 Second Condominium, Seattle’s other uber luxury condominium tower downtown, have had 15 sales (pending and closed) since October, ranging from $1,035,000 to $3,475,000. With those sales, the 1521 Second development is now 80% sold.
Disclaimer: The 1521 Second Condominium was an advertiser at the time of publication.