Heron & Pagoda Facing Foreclosure
April 28, 2009 by James
Filed under Featured, Heron & Pagoda, MISC
The signs were all there. Heron and Pagoda was a ”NEW YORK” style, 46 floor (550-feet) twin towers project. However, New York developer Multi Capital Group is facing foreclosure on only an approximate half of the project, which is reported to hit the auction lot in June. Alec Carlin, of Hummingbird Advisors was quoted saying that he only found out about the foreclosure last week and that the project has been on the back burner. The article also stated that Carlin said, “still on hold, waiting for the economy to change.”
A spokeswoman for Washington Secretary of State Sam Reed said ZRMBH (a Multi Capital affiliate that owns the three parcels) no longer is a legally recognized corporation. It failed to file a required annual report last October and was administratively dissolved in February, she said.
According to a previously published report, Multi Capital Group was the Investment Banking firm who put the project together for the owners/ developer.
This has been confirmed when we spoke to the people at the company.