Manchester Capital Management, a money manager that caters to the needs of wealthy families, took a hit earlier this year when it stopped making loan payments on two iconic properties in Portland, the Loyalty Building and Hamilton Building, which stand side-by-side on Southwest 3rd Avenue.
Court documents show that Three Seventeen Southwest Alder LLC, an affiliate of Manchester Capital, failed to make loan payments on the two buildings, prompting the lender to request that they be put into receivership. A circuit court judge granted that request in April.
“Events of default have occurred under the loan documents, including failure to timely pay the full amount of required monthly payments of principal, interest, and reserves,” the judge wrote in an opinion.
Vacancies in downtown Portland are rising. Tenants shed 525,244 square feet of office space in the central business district in the first quarter of 2022, according to a report from Newmark, a real…
