Sun09212014

     Subscribe  |  Contact  |  Advertise  |  RSS Feed Other Publications

Wednesday, 27 January 2010 17:37

Balsam Mountain Preserve foreclosure now official

Written by 

Balsam Mountain Preserve, a mega-development in Jackson County, was sold to the highest bidder on the courthouse steps Monday (Jan. 25) in a closely followed foreclosure proceeding.

TriLyn, a private equity investment firm which initiated the foreclosure, was the highest and only bidder for $15 million and is now the new owner for 120 unsold lots on the property and all the recreational amenities, including an Arnold Palmer designer golf course, dining room, swimming pool, horse stables and myriad other features.

TriLyn was owed $20 million on an outstanding loan made to Balsam Mountain Preserve by developers Chaffin and Light. But the total had grown to about $22 million due to legal costs and interest since defaulting.

Prospective buyers have 10 days to file an upset bid. Each time there is an upset bid, the 10-day clock is reset.

The fact that TriLyn bid only $15 million when it claims it is owed $22 million shows they may be willing to part with the property and take a loss on the investment in exchange for cold, hard cash.

The foreclosure moved at a relatively fast pace, with just five months passing since the lenders made their intent known and foreclosure took place. Balsam Mountain Preserve developers attempted to stall the process longer, hoping to find financing to bail themselves out, pay off the lender and retain ownership of the development, but were unable to do so in the amount of time they had.

blog comments powered by Disqus
Read 5571 times

Media

blog comments powered by Disqus

This Must Be the Place

  • This must be the place

    art theplaceI did it again. It’s 9 a.m. last Saturday at the starting line of the Cashiers Trail Mix five-mile backwoods race. I knew I should have gotten more sleep the night before, should have at least had something to eat that morning. Shouldn’t have overindulged in the libations of Friday night, nor said the things I now regretted to my girlfriend.

    Written on Wednesday, 17 September 2014 14:59 Read more...