Radio Square developer faces foreclosure on Yanonali property
The company facing foreclosure on Radio Square in Santa Barbara is now battling litigation on a second project in the city.
Laguna Hills-based DBN Development allegedly failed to repay a $5.5 million loan for the Yanonali Street property it purchased in 2006. The project’s lender, San Francisco-based United Commercial Bank, filed a lawsuit in Santa Barbara County Superior Court on July 10 alleging the developer hadn’t repaid its loans and is seeking to take control of the property.
In spring 2008, DBN broke ground on the redevelopment of an industrial building in the city’s so-called “Funk Zone” into six condominiums and a commercial space. Plans for the three-story building include residences of 800 square feet each and a 1,400-square-foot commercial space.