Greenbridge faced foreclosure sale today for the second time in four months — but Bank of America has again postponed the date to give developers more time to repay debts.
Tim Toben, one of the development’s partners, said he received a letter from the bank telling him that the sale had been delayed until Nov. 7.
The mixed-use development located at 601 W. Rosemary St. has two towers — one seven and the other 10 stories tall — and houses offices, retail space and luxury condominiums.
The development first faced foreclosure sale June 27, but just weeks before the date, Bank of America gave it an extension to cover its debt, which stood at $28.7 million in March.
Toben said partners will use the latest extension to find investors to pay back the remaining debt. He said they have been in talks with possible investors, and he is confident the development will sell before that date.
“We think it will be sold by then,” Toben said.
He said because of a non-disclosure agreement with the bank, he and his partners cannot see how much money investors are offering for the project.
Ted Oliver, an attorney in Raleigh who specializes in real estate finance and has taught at UNC, said while it is not typical for banks to delay foreclosure sales, it also isn’t unheard of.
He said that postponement is more likely with large projects like Greenbridge that have multiple investors involved.