**The Lovejoy Building in Portland’s Pearl District Changes Hands in Foreclosure Sale**
The Lovejoy, an 83,639-square-foot mixed-use building located at 1331 NW Lovejoy Street in Portland’s Pearl District, has been transferred to its lender through a foreclosure sale.
Wilmington Trust, the registered holder of RBS Commercial Funding Inc., reacquired the building for $16.81 million. The property was formerly owned by Seattle-based Unico Properties, which defaulted on a $24 million loan.
In August of last year, Wilmington Trust initiated legal proceedings to appoint a receiver to oversee the property’s operations. Melissa Batchelor of Cushman & Wakefield was officially appointed as the receiver in early October.
Constructed in 2008, The Lovejoy includes three stories of office and retail space situated above structured garage parking. The building holds a LEED Gold certification and features a seventh-floor garden terrace. As of June 2024, the occupancy rate stood at 61%.
