Bank's fine print muddies Pearl District shelter deal

Vanessa Sturgeon's loan for 1435 Northrup does not allow for a long-term lease

Neighbors surprised to learn that the city signed a 12-year lease—not two or three years as Mayor Keith Wilson had claimed—for a proposed homeless shelter at 1435 NW Northrup St. may not be alone.

Officials at Northwest Bank in Lake Oswego, who loaned developer Vanessa Sturgeon $6 million on the property in 2022, agreed to terms that declare immediate de…