A well-known developer in downtown Seattle has failed to repay a loan of over $200 million, which has had an impact on two significant office properties, including a former branch of the Federal Reserve Bank of San Francisco.
This situation raises concerns about the stability of the commercial real estate market in the region, as defaults on high-profile properties can indicate broader economic challenges.
According to the correspondence, if no further action is taken by the developer, firms associated with Martin Selig Real Estate, the properties will change ownership within 30 days.