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SEATTLE-Lenders have foreclosed another property, which was part of a proposed high-rise project in downtown Seattle. Most of the site on the projected Heron and Pagoda Towers situated on Fifth Avenue was foreclosed last year.

ZRMBH, an affiliate of Multi Capital Group of New York, proposed the $900 million development in 2007. During recession, the development was postponed, and then three of the five parcels were foreclosed. This week, lenders have also foreclosed a fourth parcel situated across near the Westin Hotel. For the full story, go to Seattle Times.

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