The Garrison at Graham, a $22 million condo development on North Graham Street between West 10th Street and the Brookshire Freeway, faces a January foreclosure sale for failure to make loan payments.
According to public records, a foreclosure filing was made Wednesday on the property at 715 N. Graham St. The mortgage amount is $13.5 million, and the lender is CommunityOne Bank.
According to CommunityOne, principal and interest owed on the property totals $11.1 million.
In a Dec. 6 letter from CommunityOne’s attorney to The Garrison at Graham developer Thomas Barnes, he had defaulted on the note and had five days to pay the outstanding balance.
The foreclosure sale to the highest bidder for cash is set for 1 p.m. Jan. 21 at Mecklenburg County Courthouse.
Barnes declined to comment when contacted Thursday.
“I don’t really have time to talk right now,” he said.
According to the development’s website, which is still working, units range in price from $199,900 for a 1,192-square-foot unit to $650,000 for a 2,470-square-foot unit.
The website advertises the views the project gives of the city’s skyline and describes the units as “sleek and edgy bi-level lofts (that) unite tradition and convenience.”
Cox & Schepp Construction of Charlotte was the general contractor for the project.
Barnes also redeveloped NoDa@28th Street, a former textile mill converted in 2003 into residential use.