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Terranea Resort Defaults

Monday August 31st, 2009 - 8:44AM

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.