Posted 8/31/2009 - 8:44:01 AM
RANCHO PALOS VERDES, CA— Open two months, the 360-room Terranea Resort faces separate foreclosure filings by two of its lenders.
Corus Bank is seeking to recover its $180 million loan, while Cascade Investment is seeking to recover $110 million.
The $480 million project, which also includes 82 condominium residences, was developed by Los Angeles-based Lowe Development on the site of the former Marineland of the Pacific.
The foreclosure proceedings were first reported in the McClatchy-Tribune Regional News.