Beaverton Round financial woes resurface

A new foreclosure threat could put four undeveloped parcels on the market

By Christina Lent

The Beaverton Valley Times, May 30, 2008, Updated Oct 30, 2009 (17 Reader comments)

Jonathan House / Beaverton Valley Times

The developer of The Round at Beaverton Central is being threatened with foreclosure and could lose four undeveloped parcels of the downtown Beaverton property.

For the second time in less than a year, the troubled Round at Beaverton Central development is facing foreclosure and could be sold at auction in October.

A Lake Oswego attorney filed a foreclosure notice May 21 on property owned by Dorn-Platz Properties Commercial Investments LLC, claiming the developer had fallen behind with payments on a $2.87 million debt.

Drawbridge Special Opportunities Fund, a Delaware corporation assigned the trust deed by Fortress Investment Group of New York, initiated foreclosure of four undeveloped lots at The Round after the developer reportedly failed to meet its financial obligations.

If the foreclosure is granted, The Round at Beaverton Central, a half-finished, downtown mixed-use development along the light-rail line, could be sold at a Oct. 10 Washington County auction at the courthouse in Hillsboro.

In a two-page trustee’s notice of sale, attorney Douglas Cushing of Jordan Schrader Attorneys at Law claimed that the property owner was in default for “failure to pay monthly payment due on Nov. 30, 2006, or any payment thereafter; for failure to pay real property taxes for the year 2007-08; and further for allowing subordinate financing and construction liens to attach to the property.”

Dorn-Platz representatives did not return phone calls or e-mails seeking comment on the issue.

Meanwhile, the trust deed holder has demanded that all outstanding debts be paid immediately.

That total includes the principal of a $2.87 million loan plus interest, unpaid delinquent real property taxes totaling $23,297 with interest and penalties, outstanding construction liens and reimbursements for any funds advanced by Drawbridge Special Opportunities Fund to protect its security interest in The Round.

At the same time, Dorn-Platz Properties Commercial Investments LLC is also facing five requests for civil lien foreclosures from LRS Architects Inc, Coffman Excavation LLC, Geopier Foundation Company-West, Marion Construction Company and WRG Design Inc.

1 | 2 Next Page >>

Facebook	Digg	Del.icio.us
Newsvine	Stumbleupon	Reddit