Domaine development to be auctioned
According to the Daily Journal or Commerce, the Domaine Condominium development on Aurora Avenue is being offered for auction (Trustee’s Sale) on February 6, 2009 to the highest and best bidder. Intracorp, apparently, was unable to unload the project as apartments as it did with Expo62.
The article states a limited liability company affiliated with Intracorp is in default on a $22.51 million construction loan with KeyBank. They are also behind on a $11.6 million mezzanine loan through Residential Funding Company (RFC), plus interest and other fees. RFC is foreclosing on all its collateral for the loan.
Intracorp has been hit hard this year with dismal results of its downtown condominium strategy (Expo62, the Parc, Domaine and 1915 2nd Avenue) and, reportedly, reduced its staff.
The auction will take place at 9:30 AM at the King County Administration Building on February 6th, 2009.
Seriously, that location was better suited for a retirement community.
Any idea on how much something like this would go for if it makes it to the auction block? Pennies on the dollar?
Important info, Ben!
Wish I had a full DJC subscription! ?
I’m assuming Intracorp never went through the complete condo permitting process and therefore it is being auctioned off as a 91-unit apartment building, rather than separately as individual condos, right?
Its been interesting to watch as a few of the condo developments around the country have started to go into foreclosure. In Austin our city planning offices are apparently in a failed condo project near downtown.