The public auction of the 1,250-acre property on the west side of Yelm had been scheduled for Friday at the Thurston County Courthouse.
Steve Chamberlain, a local developer and the managing member of the property owner, Thurston Highlands Associates LLC, secured interim financing totaling $12 million to start developing the property with the intent of refinancing in three years, when the project moved into the construction phase.
But neither his lender, Frontier Bank, nor other banks could provide additional funding because of tightened lending after the financial crisis.
