The Garrison at Graham, a $22 million condo development in Charlotte’s Fourth Ward, has been bought for $8.6 million in a foreclosure sale after failing to make loan payments.
Community One Bank, the project’s lender, was the high bidder in the sale Friday.
According to CommunityOne, principal and interest owed on the project totals $11.1 million. The mortgage amount was $13.5 million.
Construction began in 2007 on the 715 N. Graham St. project.
A Dec. 6 letter from CommunityOne’s attorney to developer Thomas Barnes says he defaulted on the note and had five days to pay the outstanding balance.
According to the development’s website, which was still working today, 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.