It seems that every time I go somewhere and someone finds out I’m a Salem Oregon real estate agent they always ask me about how the downtown condos are doing. “Have any of them sold?” is often the question I get. Both The Meridian and The Church Street Condos have sold units, but we all know this market is tough.
I just read in The Oregonian that First Citizens Bank of North Carolina who holds the note for The Meridian project just filed to foreclose on the project. You can read the filing papers if you are so inclined, but it’s a lot of money, $35 million or so that the bank is owed. I can’t say that I am surprised since so few units have sold in the complex, but it really is a beautiful building and I am saddened that it has come to this. My understanding is that the developers are trying to negotiate with the lender and here’s hoping they are successful.