CHATSWORTH, Calif. – Telesis Community CU, which operates one of the largest member business loan portfolios in the country, filed default notices last week on loans originally made for $29 million for two historic Portland, Ore., buildings.
The loans on the two building, the New Market Theater building and the landmark U.S. National Bank, were made to John Beardsely, the well-known developer of historic buildings who has been hit with default notices on ten of his Portland projects in recent weeks. The defaults cover loans and sales contracts originally signed for $58 million and taken out during the real estate bubble between 2003 and 2007
Telesis Community has also filed a default notice, preliminary to a foreclosure, on a $3 million loan funding another historic project, in downtown Memphis, Tenn.
