The developers of the half-done building above downtown missed the deadline to buy out the bank.
Under a May settlement with Jackson Building owner Gwen Ingels, Banner Bank was due $13.5 million by Thursday or the bank could foreclose without a fight. No such payment was made, bankruptcy court documents show.
“Banner is considering its next steps,” Banner lawyer Craig Miller said Friday.
Irvine Funding Corp., a California-based private equity firm, has said it is willing to lend $23.5 million to finish the building. The loan is collateralized by emeralds, court documents indicate.
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Ingels’ business partner and former husband, Casey Ingels, on Friday provided a copy of a letter from Irvine that asks Banner for an extension of the deadline to Sept. 1, citing the “complexity” of the transaction.