The investment adviser purchased the property at auction in a foreclosure sale over the weekend. The $108 million, 20-story office building was to rise on the corner of Northeast Fourth Street and 108th Avenue Northeast. But work stopped shortly after the underground parking garage was complete. Then owner, Eugene Horbach fought with the project's former general contractor and defaulted on the loan. Horbach reportedly owed more than $27 million, including interest and penalties.
At one point, the 377,000-sf project was 60% leased. It is not yet known what Washington Capital intends to do with the project.
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