CondoForeclosure

Luxury Condo Development In Charlotte Under Bankruptcy Protection

More condo trouble in Charlotte, North Carolina. The Charlotte Observer reports that the developer behind the Rosewood condo development has filed for bankruptcy protection, three weeks after its lender began foreclosure proceedings. Regions Bank says that WCDM Development owed more than $21.5 million on a $72.6 million loan taken out in April 2006. The developer has also not paid the 2009 county property taxes. Rosewood at Providence LLC filed for Chapter 11 bankruptcy protection with assets of less than $50,000 on debts from $1 million to $10 million according to paperwork. Among Rosewood's creditors are buyers who plunked down over $1 million in security deposits.

The Rosewood condos range in price from the $400,000s to more than $1.5 million. The 134-unit development features amenities such as concierge service, massage rooms and a putting green. The developer still owns 52 units, according to court filings, so I'm predicting a condo auction for this one.

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Tempe Condo Complex Faces Foreclosure

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

In 2006 I wrote that condo enthusiasm is alive and well in Tempe, Arizona "despite a market that is showing some serious instability." Allow me to eat those words, the project I wrote about as a sign of that enthusiasm, Centerpoint Condominiums, has now fallen into foreclosure. The concrete, glass and steel projected called for a pair of 30-story towers with around 800 units ranging in size from small studios to large penthouses. Amenities included a swimming pool, hot tub that has a sand beach entry, cabana bar, café and grocery store. Instead the project floundered and still awaits completion.

An auction date has been set for April. The property once owned by Tempe Land Co. could be sold to the highest bidder. According to the Arizona Republic, ML Manager LLC, acting on behalf of investors, filed for foreclosure and placed the unpaid principal of condo developer Tempe Land Co. LLC at $135 million.

This makes the second major Arizona development foreclosure in just a couple of weeks. Capmark Finance filed to foreclose on the High Street section of Phoenix's ambitious CityNorth project. CityNorth is a 144-acre development that was to be a network of neighborhoods with shops, cafes and parks amid the residential space. A foreclosure auction date for High Street is set for March 31.

Tags: arizona, centerpoint, citynorth, condo, condo foreclosure, CondoForeclosure, condominium, tempe

Floridan Condo Building Heads For Auction

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

It may be named The Floridian but the condo building shown at right is actually on Florida Avenue near Howard University in Washington D.C. It's also facing foreclosure. The 118-unit building is being foreclosed even though more than 30 units are occupied by owners and around 50 more units could have been sold. Kady Development bought the land in 2006 for $8 million and then borrowed $44.8 million in loans from LaSalle Bank to build the loft-style condos which are in two towers and are outfitted with granite counters and stone tile baths. Prices started in the low $300,000s.

Bank of America filed the notice of foreclosure on December 8. The Washington Business Journal reports that a third-party investor purchased the note from the bank and is proceeding with the foreclosure. The foreclosure auction is scheduled for January 8 at Alex Cooper Auctioneers Inc. and the balance on the note is $31.8 million.

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