Local land on the auction block

Published on Thu, Jul 11, 2002
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Local land on the auction block

Friday seems to be the day for Blaine foreclosures. Property owned by two prominent local developers will be on the block on the steps of the county courthouse, sold to pay off debts now in default.

Loan trustees are foreclosing on two unfinished condos and a building site at the Aeirie in Semiahmoo after the builder, Aerie at Semiahmoo LLC, failed to make payments on a construction loan from Washington Federal Savings. The properties will be sold at auction in the lobby of the county courthouse on July 12 at 10 a.m.

“The two are uncompleted duplex units – just the concrete foundations,” said trustee Joseph Ahern.

Aerie at Semiahmoo LLC is just shy of $500,000 behind on payments on loans secured by the properties. In addition to being behind on payments trustees allege that the builder failed to apply proceeds of the loan to construction expenses, as specified in the deed of trust, and has ceased construction on the condos.

Property owned by Doug and Louise Connelly is scheduled to be sold during the same auction period.

Loan trustees with the Anderson Hunter law firm in Everett Washington are foreclosing on over two dozen parcels, including property at Lincoln Green and the Blaine Business Park.

Connelly was behind by $707,678 in payments and accrued interest and late fees when the trustees filed the foreclosure announcement in March. The sale was initially scheduled for June 3..

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