• NEWS 90.9 KXJZ Sacramento
  • 90.5 KKTO Tahoe/Reno
  • 91.3 KUOP Stockton
  • 88.1 KQNC Quincy
  • MUSIC 88.9 KXPR Sacramento
  • 91.7 KXSR Groveland/Sonora
  • 88.7 KXJS Sutter/Yuba City

Business Journal: Popular Rehab Project Faces Default

Share | |
(Sacramento, CA)
Tuesday, March 30, 2010
Bank of America has established a sale date of April 8 for the former Travelodge motel behind City Hall.  Developer Heller Pacific converted the former motel a couple years ago into the RetroLodge, a collection of 50 live-work spaces.  Those spaces can range from conventional offices to work environments where business owners can crunch numbers and develop ideas during the day — and then dream big at night in the same space.  Naked Lounge Tea & Coffee and meeting areas are also part of the RetroLodge project.
Bank of America says the company owes $2.5 million for a construction loan in 2007. Developer Michael Heller says the partners are working with the bank to extend the loan and believes RetroLodge can still be a success.  Now, just because a bank schedules a sale date doesn’t guarantee foreclosure — since a last-minute agreement is always possible.
We Get Support From:
Become a Supporter

We Get Support From:

Become a Supporter