North Carolina’s Bank of America (NYSE:BAC) pushes NC Developers towards Foreclosure
Tuesday, 24 May 2011 04:46 | 
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| NCCMLS Market Update - Commercial Lenders |
North Carolina commercial real estate Related News May 24, 2011
North Carolina’s Bank of America pushes NC Developers towards Foreclosure
A $58 Million Dollar Mixed Use building in Chapel Hill, North Carolina, known to some as the greenest condo building in America, is hitting some financial “snags.” According to Reuters, the 217,000 square-foot building known as Greenbridge is $1.6 Million Dollars over budget and is currently financed by Bank of America Corporation (NYSE: BAC).
When the building broke ground in 2008 Ken Lewis, former Bank of America president cited the building as an example of the bank’s commitment to “green building.” However, Bank of America’s one size fits all lending policies could be pushing Greenbridge to Foreclosure.
In August 2010 with 37 units sold and 15 under contract Bank of America refused to pay contractors for cost overruns. The North Carolina based lending institution said they had already raised the mortgage once and the borrowers failed to pay a $1.6 Million dollar equity deposit required by the terms of the increase.
Related Publicly Traded Companies:
Bank of America Corporation (NYSE:BAC)
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