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,