The Downtown News is reporting that Portland's South Group no longer has any financial stake in Evo because the mezzanine lender---named as Westport Capital Partners--has taken over the project. Via the paper: "Homer Williams, chairman of Williams & Dame and a South Group principal, said last week that the equity in the project has been spent and South Group no longer has any investment in Evo. He would not disclose how much Westport had loaned the project, but said the lender has essentially taken control of the building and its finances because it still has a stake in it. 'At this point, it’s their money that’s at risk, not ours,” said Williams. “Our money is gone, obviously.'" Additionally South Group no longer owns two other parcels in South Park, but those properties have been taken over by Swedbank, a Nordic-Baltic banking group. The News seems to suggest the properties may have been foreclosed upon. The paper also looks at the Concerto Chapter 11 filing. Ah, those were some good boom years.
· The South Park Shake-Up [Downtown News]