John Beardsley, responsible for the restoration of several historic downtown Portland buildings, will be the first major commercial developer to face foreclosure.
Since May 1, lenders have filed default notices - the first step in a foreclosure - on 10 properties owned by Beardsley's companies. The defaults cover loans and sales contracts originally signed for $58 million and taken out during the real estate bubble between 2003 and 2007, according to Multnomah County property and court records
Beardsley also owes the county $354,000 in back taxes, according to county records.
Read the full story at OregonLive.com.