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Corus Bank Starts Foreclosure Proceedings Against Terranea Resort

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The Daily Breeze is reporting that earlier this month lenders Corus Bank and Bill Gates' Cascade Investment filed notice of defaults on loans made to Terranea Resort in Rancho Palos Verdes. Given Corus' shaky status, it's not clear what's going to happen if the property is seized, but "because Cascade filed a notice of default first, it may be able to take and maintain ownership of the resort property, which cost $480 million to build," according to the Breeze. Meanwhile, the city's $8 million tax rebate deal for the hotel is now dead. And we've been keenly interested in Corus given the number of loans they made to local developments (including Solair, Evo, and Concerto). [Daily Breeze]