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.