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Business Journal: Popular Rehab Project Faces Default



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(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.
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