According to an article in the Post and Courier on March 11, 2010, a judge has ruled that the foreclosure of about 1200 acres in Carolina Park can proceed no sooner than May 18, 2010.One of the investors in the development, CDM of Charleston LLC has been fighting the lawsuit brought last year by Palmetto Debt Holdings, which controls the $25 million first mortgage on the property.
In August of 2009, Palmetto Debt Holdings bought the note from the National Bank of south Carolina for an undisclosed amount. It than filed a lawsuit to take over ownership of the land which has been appraised at $150 million.
Posted By Joe Eddleman of Agent Owned Realty
824 Johnnie Dodds Blvd.
Mt. Pleasant, SC. 29464
(843)725-5009
http://www.OurCharlestonHome.Com
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