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Columbia Center debt in default
Posted on April 10, 2010
Beacon Capital Partners has defaulted on about $430 million in debt service secured by various buildings, including the 76-story Columbia Center, downtown Seattle's tallest tower, the Wall Street Journal reported yesterday.
The building's mortgage, taken out in the boom, was repackaged with loans secured by other buildings and sold as commercial-mortgage-backed securities. The Journal reported that Beacon is expected to try to restructure the debt with a servicer that acts on behalf of CMBS holders.
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