# @theoregonian on Instagram

- **Type:** Video
- **Original URL:** https://www.instagram.com/p/DISUe1Dt_Kp
- **Gondola URL:** https://gondola.cc/posts/29229322-theoregonian-instagram
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/daa73db8de.jpg
- **Posted:** 2025-04-11T01:00:08.000+00:00
- **Account Owner:** The Oregonian (@theoregonian) — https://gondola.cc/theoregonian

## Caption

The Block 216 tower that holds Portland’s Ritz-Carlton hotel encountered “catastrophic setbacks from the beginning” and is now only worth $425 million — far short of the $510 million owed on a loan that funded its construction, a lender says in new court documents.

That’s why Ready Capital is seeking to take over the gleaming downtown skyscraper that opened in 2023 with hotel rooms, multimillion-dollar condos and offices that failed to draw enough interest to financially stabilize the property, according to records filed in a lawsuit between Ready Capital, the developer and another lender.

Read more at the link in our bio.

📸: Jonathan Bach

#block216 #portland #portlandoregon #downtown #skyscraper #landdeveloper #business #theoregonian

## Stats

- **Views:** 24,813
- **Likes:** 1,562
- **Shares:** 0
- **Comments:** 161

## Tags

downtown, portland, business, block216, skyscraper, portlandoregon, landdeveloper, theoregonian

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