Seattle bank forecloses on Park Pointe

March 16, 2010

A Seattle bank foreclosed on the developer behind Park Pointe last week, and took control of the Tiger Mountain land near Issaquah High School where the developer wanted to build hundreds of residences.

Meanwhile, a federal judge dismissed the Chapter 11 bankruptcy case tied to the developer, Wellington Park Pointe LLC.

U.S. Bankruptcy Judge Karen Overstreet dismissed the case after attorneys for the developer withdrew a plan to finance and build Park Pointe. Court documents dated March 3 allowed Regal Financial Bank to proceed with the foreclosure.

“The parties wish to avoid incurring additional attorneys fees, in what has been a very expensive matter, and what in all likelihood would be a very expensive trial,” the documents state.

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City intends to preserve Park Pointe regardless of ownership

March 2, 2010

The developer behind the stalled Park Pointe project and a Seattle bank cancelled a hearing in bankruptcy court last week, as the case appears to near a coda. Read more

Developer: Park Pointe could break ground in 2011

December 22, 2009

The developer behind Park Pointe said ground could be broken for the embattled Tiger Mountain residential project as early as a year after it emerges from Chapter 11 bankruptcy hearings. But city officials, accustomed to long delays related to Park Pointe, described the timeline as ambitious. Read more

Park Pointe stalled again as developer files for Chapter 11

November 6, 2009

NEW — 11:05 a.m. Nov. 6, 2009

The developer behind the troubled Park Pointe project filed for Chapter 11 bankruptcy protection Monday, just before the Tiger Mountain land where the development would rise headed to a foreclosure auction.

The project developer, Wellington Park Pointe LLC, filed for bankruptcy protection Monday as the company worked to restructure a loan from Regal Financial Bank. The developer failed to make payments on a loan from the Seattle-based bank and in June defaulted on nearly $12 million. Wellington held $29 million in assets but owes about $15 million, court filings show. The filing in U.S. Bankruptcy Court in Tacoma halted the foreclosure auction planned for today at the King County Administration Building.

Park Pointe developers envisioned hundreds of homes on 67 forested acres on the west slope of Tiger Mountain, behind Issaquah High School. Developers proposed Park Pointe in the mid-1990s, but the project withered amid community opposition, zoning changes and a tough construction climate.

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