SEATTLE-The owner of Four Seasons Hotel & Private Residences in downtown Seattle has managed to restructure the debt on its construction loan. Seattle Hotel Group (SHG), the developer of the property, defaulted on its loan in 2009.
Until last week the $180-million property was at risk of bankruptcy or foreclosure. However, an investment group led by Bruce McCaw has helped the developer restructure the debt. Last week, the investment group loaned $26 million to SHG to pay its debt to Washington Real Estate Holdings.For the full story, go to Seattle Times.
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