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April 27, 2011

Four Seasons Seattle avoids foreclosure by restructuring

By MARC STILES
Journal Staff Reporter

A deal announced yesterday helps the Four Seasons Seattle avoid foreclosure by turning “a challenged loan into a performing one,” according to Craig Wrench, president of Washington Holdings, the project lender.

The $180 million-plus project at 99 Union St. went into default at the end of 2009 about a year after it opened, and the developer, Seattle Hotel Group, said it faced foreclosure or bankruptcy.


 
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