The owner of the Northwest’s tallest building, the 76-story Columbia Center, missed a mortgage payment this month, providing fresh evidence of the troubles facing downtown Seattle office landlords. Boston-based Beacon Capital Partners failed to make a scheduled payment of $1.65m on a $380m loan it took out when it bought the tower three years ago, according to a recent report by Wells Fargo Bank, which administers the debt. The loan faces “imminent default due to cash flow issues,”says a note in the report. A spokesman for Beacon, the Seattle area’s largest office landlord, declined comment.
Columbia Center misses mortgage payment
Most Popular Articles
Latest Articles
Real estate farming: Become the go-to agent in your area using these tips, tools & strategies
Learn how to generate a steady pipeline of real estate leads and clients in your area using this proven approach.
-
Zillow believes the evolution of the industry will only help it grow
-
All parties have settled the Sitzer/Burnett suit, so what’s next?
-
Longtime reverse mortgage leader Scott Norman appointed CEO of Texas MBA
-
Rates at 7% attract different types of borrowers, forcing lenders to rethink profit strategies
-
The unchanging