Thursday, April 16, 1992 - Page updated at 12:00 AM

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Corrected version

Selig Faces Foreclosure On Building

Developer Martin Selig is facing more financial troubles, with the filing of foreclosure proceedings against his Fourth & Vine Building in the Denny Regrade.

First Bank Mortgage Corp. plans to sell the building because Selig is $107,000 behind on a $3.6 million loan, according to the filing. A foreclosure sale is scheduled on May 15.

Neither Selig nor the lender could be reached for comment.

Selig has faced similar problems in recent months.

Equitable Real Estate Investment Management threatened to foreclose on his Elliott Bay Office Park because Selig was late in paying about $160,000 on a $21.25 million loan. The case was settled before the foreclosure.

He also has been sued for unpaid legal bills and construction work.

Lawsuits and foreclosures against Selig don't necessarily indicate dire times, as is often the case with other developers. He is known for holding out on payments until creditors chase after him.

Selig is one of Seattle's most visible developers. His projects include the trophy 76-story Columbia Seafirst Center, which he built in 1985 but had to sell back to Seafirst Bank in late 1989. He sold the building to pay New York Life Insurance Co., which had sued him for $65 million in mortgage payments on other buildings.

At one time, Selig owned as much as one-third of Seattle's office space. He still owns many buildings in the Denny Regrade and lower Queen Anne.

Real-estate sources have said lately, though, that he's been trying to sell properties to raise cash.

Published Correction Date: 04/17/92 - Martin Selig Settled A Foreclosure Case Against Him On His Fourth & Vine Building Three Weeks Ago. This Story Incorrectly Stated That The Case Was Still Active Because Lawyers For The State Investment Board, Which Holds The Loan, Did Not Pull The Legal Foreclosure Notice In Time To Keep It From Being Published.

Copyright (c) 1992 Seattle Times Company, All Rights Reserved.


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