Filed under: Real Estate Developments
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.