The Sanctuary is in Limbo

The Sanctuary, one of my favorite projects, is in receivership. Word is that there is some restructuring going on, so we hope to see it get completed and come back on the market soon. Hopefully they’re able to stay true to its original vision while pricing to sell.

Update: Capitol Hill Seattle took our very short blog post and really dug into the story:

To finance the construction, the developers borrowed $9.3 million from Charter Bank’s Seattle office in December, 2007. According to the complaint filed this July, the note was originally supposed to come due in January 2009 but Charter extended the maturity date until February 2010. The extra year didn’t matter. First Church, LLC could not pay.

Thanks CHS for the great reporting.

64300 0 The Sanctuary is in Limbo

About Matt

Matt , Urbnlivn's publisher, has a love for lofts, floating homes and mid-century moderns.

For years Matt resisted becoming a real estate agent preferring to be an executive in the startup world but he recently caved in the spring of 2014 and became an agent.

You can also find Matt on Twitter or skiing.

  • Celestialchristine

    i really think that most units have no exterior clear windows is a deal breaker – i loved everything about them, but i would have to be blind to not be bothered by the fact that you can’t look outside.

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  • Marce

    I feel the same way. Natural light is a must in this city, no question about it. Despite how dramatic these units are, I couldn’t live in one even if it were half of the current pricing.