EUGENE, OR-Unable to find enough tenants, a Portland developer may have to hand his speculative Eugene office building over to the bank next month for failure to keep up with loan payments.

Earlier this week, Centennial Bank filed a foreclosure lawsuit in Lane County Circuit Court against Business Properties Investments LP for failing to make payments on $3.49 million in loans used to develop a 26,000-sf, two-story office building at 4710 Village Plaza Loop off Goodpasture Island Road, a newer office and retail cluster in the Valley River Village area. The lawsuit is asking for the one-year-old building to be sold to the highest bidder, and for the $3.49 million to be paid back with interest.

The parties involved could not immediately be reached for comment Friday morning. In an interview with The Eugene Register-Guard newspaper, BPI manager Gerald Miller on Wednesday said he has been unable to find tenants for the building’s first floor, but hoped to either catch up on the loan payments or hand over title to the building to the bank by Nov. 1.

Centennial’s attorney Steven Philpott told the newspaper Miller would have to clear up two other liens against the property before he could surrender title to the bank to avoid a forced sale. Northern Bank of Commerce has a $3.44 million lien for a separate, unrelated loan, and Ramsay-Gerding Construction Co. of Corvallis has a $490,243 lien relating to its work as a general contractor on the building.

It will take a few months for the foreclosure action to run its course, however, and Miller may find a way to pay off the debts before the lawsuit runs its course, Philpott says.

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