Real Estate
Seattle Developer Defaults on Renovated Office Buildings
- Loan is backed by two Martin Selig Real Estate properties
- Developer may agree to transfer ownership of the buildings
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A major developer in downtown Seattle defaulted on a loan backed by two of its most prized office properties, including one that formerly housed a branch of the Federal Reserve Bank of San Francisco.
Firms tied to Martin Selig Real Estate are in default on a more than $200 million loan, according to letters from lender Acore Capital dated Nov. 15 that were filed in Washington’s King County. The buildings would change ownership 30 days after that notice if no other action is taken, according to the letters.