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Yahoo!An Orange County developer with two major projects in downtown Santa Barbara — one approved and one under construction — is facing foreclosure after defaulting on a $5-million loan. Santa Barbara Community development chief Paul Casey termed the developer, the Laguna Hills-based DBN, “belly up” and “toast.”
DBN had secured approval to convert Radio Square by Carrillo and Chapala streets into a three-story mixed-use project, but had not begun construction. Many of the key tenants, such as Carrows, had moved out in anticipation. In addition, DBN has halted construction on a substantial housing project in the city’s so-called Funk Zone. That project is located in the shadow of Entrada de Santa Barbara — the time-share condo plan slated for State and Mason streets — also terminally afflicted with a case of construction interuptus.
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Hmmm... defaulted on a five million dollar loan and bankrupt. What do you think happened to the 5 mill? Does DBN have an OC Housewife to support?
I think I'll get Dana from Strategic Econs to draw me up plans for 20 units on my .2 acre lot and see how much I can borrow on that...
Then it's off to Argentina baby!
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sa1 (anonymous profile)
June 26, 2009 at 10:46 a.m. (Suggest removal)
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