Greenbridge faces a foreclosure sale Sept. 22 for the second time this year, just months after its bank delayed a June 27 sale date.
Town officials say the developers’ poor relationship with their bank and the national economic downturn — not Chapel Hill’s business environment — caused Greenbridge’s troubles.
The mixed-use condominium, retail and office complex at 601 W. Rosemary St. faced foreclosure after it failed to pay interest payments on loans from December 2010 to March 2011.
But Bank of America delayed the foreclosure to give developers time to find investors to cover their debt, which stood at $28.7 million in March.
Bank of America spokeswoman Shirley Norton said in an email that Greenbridge’s new foreclosure sale date is Sept. 22.
She did not comment on whether another delay is possible or on where the development’s debt stands.
Chapel Hill economic development officer Dwight Bassett said the town hasn’t been involved in negotiations between Greenbridge partners, the bank and potential investors since June.
But he said he believes someone will buy the complex before the bank takes hold of it.
Bassett said two or three investors he could not name were looking at Greenbridge in June.