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May 6, 2011

West Seattle townhomes to be auctioned June 3

By MARC STILES
Journal Staff Reporter

The lender on Sylvan Ridge Townhomes, a large townhouse project in West Seattle, will auction off the property June 3 if the developer doesn't pay back two loans.

According to the trustee's sale notice, West Sylvan Partners LLC of Lake Oswego, Ore., owes Bank of America $7.5 million, plus interest and fees. The bank loaned the developer nearly $27.5 million in 2006 for Sylvan Ridge.


 
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