Article on Oregonlive:
Top 5: Lender sues to foreclose on 89-unit Salem condo project
By Ryan Frank, The Oregonian
March 23, 2010, 7:15AM
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1. Lender sues to foreclose on 89-unit Salem condo project: First Citizens Bank of North Carolina has sued the developers of a The Meridian condo/office project in Salem seeking to recover a $35 million loan. (See the full federal lawsuit.) MissCom, LLC borrowed $36.2 million from First Regional Bank of Los Angeles in July 2007. That construction loan came due on Feb. 1, 2009. First Regional Bank has since been taken over the FDIC and First Citizens Bank now owns the debt. According to the loan documents, The Meridian, 777 Commercial St. S.E., was planned to be a six-story concrete building with 89 condos and 37,600 square feet of rentable commercial space on the basement and first floors. In total, the building was to be 191,775 square feet. Commercial Concepts Inc. of Sisters is listed as the developer. Dan Berrey, past state director for the Oregon Board of Realtors, owns the company. Reached Monday, Berrey said he couldn't comment because he was in negotiations with his lender.
http://blog.oregonlive.com/frontporc...foreclose.html