Developers Of Carolina Park Sued

According to an article in The Post and Courier newspaper, the developers of Carolina Park a facing a foreclosure lawsuit for allegedly defaulting on a $25 million loan. The newspaper stated that a Charleston based investment group, Palmetto Debt Holding LLC is seeking to foreclose on hundreds of acres of property the borrowers had pledged as collateral in Carolina Park. The Wando High School site as well as Roper St. Frances Hospital sites are excluded from the foreclosure.

According to the newspaper article, "the borrowers could turn over the land deeds without a legal fight, or they could line up new financing to pay off the $25.3 million balance, which is growing at a rate of nearly $4,700 a day. Filing for bankruptcy protection is an extreme option that would buy time. The Carolina Park has been known for years as the Marino Tract.

It is interesting to note that according to the Charleston mls, 22 vacant residential building lots being marketed by Carolina One Real Estate were withdrawn from the market in Carolina Park on September 24, 2009;