PORTLAND, Ore. – Well-known developer John Beardsley put the company that owns the historic U.S. National Bank building and two other downtown properties into bankruptcy Friday in order to prevent a foreclosure on the properties by California’s Telesis Community CU, the company’s largest lender.
Beardsley’s company owes $20.3 million to Telesis, according to court documents.
Beardsley, known for renovating historic downtown buildings, is Portland’s first major commercial developer to see his properties move toward foreclosure amid growing problems in commercial real estate. Lenders have filed default notices --the first step in a foreclosure --on 10 properties owned by Beardsley’s companies.
Breadsley’s company, Historical U.S. National Bank Block LLC, operates three commercial office buildings on Southwest 6th Avenue, the Historic U.S. Bank Building, the Wells Fargo Building and Motor Bank Building.
