Bellingham-based Trillium Corp. will hand over control of a handful of properties in west Blaine after defaulting on a multimillion dollar loan.
The properties are situated in northern Birch Point and in the Semiahmoo area and include the Seagrass condominiums,
an undeveloped 231-acre tract and the Semiahmoo marina expansion. Neither the Semiahmoo Resort nor the Marin condominiums are involved in the default.
Dave Rodgers, property manager with DBW Whatcom LLC, which now controls the properties, said his firm is planning to sell the properties as soon as possible. He said he has a pending offer on the 231-acre tract, but could not divulge how much it might sell for.
While no offers have yet been put forward, Rodgers said he is confident the other two properties will sell relatively quickly. He said he cannot estimate how much those properties might be worth.
“I don’t think it’s all that dismal, so to speak,” Rodgers said.
Blaine city manager Gary Tomsic said though Trillium has been a good company to work with over the years, a new owner might be a good thing because the properties could end up with an owner who has the resources and interest to make something happen.
Tomsic said there might be some delay in property tax payments on those properties, but the new owners must eventually make the payments.