Bayside Village student housing to be sold
Portland student housing development Bayside Village, which was put into receivership this summer because of an unpaid loan, could soon change hands.
KeyBank officials told the Portland Press Herald the bank is in negotiations to sell the 100-unit development for an undisclosed price. Per the bank's request, a U.S. District Court judge in June appointed Boulos Property Management as receiver for the property, after owner Bayside Village Student Housing defaulted on its $20 million loan. KeyBank spokeswoman Laura Mimura said the bank did not market the property, but was approached by potential buyers. The bank hopes to finish negotiations with the buyer around Jan. 1, according to the paper.
Bayside Village was the state's second private housing development for students and opened in the fall of 2008. KeyBank in court documents said the developer owes the full $20.82 million it borrowed in July 2007, as well as $30,000 in interest, and that the property was 60% vacant this summer. In June, Bayside Village Student Housing also owed the city $200,000 in back property taxes.
Go to the article from the Portland Press Herald >>
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