The developer of Carolina Park, Carolina Park Associates reportedly stopped making payments on a $25 million dollar loan in June of 2009. In August of 2009, Palmetto Debt Holding, LLC bought the note for an undisclosed amount. They filed a foreclosure lawsuit and sought to replace the developer with a court appointed received.
A $600,000 payment on the debt is due in December, 2009. Carolina Park Associates has invested $50 million in the property and is working to secure new financing. Stay tuned.
Posted By Joe Eddleman of Agent Owned Realty
824 Johnnie Dodds Blvd.
Mt. Pleasant, SC. 29464
(843)725-5009
http://www.OurCharlestonHome.Com
Wednesday, December 2, 2009
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