The “best life in town,” as the commercials promised, is being sold to the highest bidder on June 27, when Bank of America plans to foreclose on Greenbridge—the 10-story, 217,000 square foot residential and retail development on West Rosemary Street in Chapel Hill.
The property will be put up for public auction at the Orange County Courthouse at 10 a.m. that day, following months of financial troubles for the developers.
The property will be sold to the highest bidder, who will have to deposit either no more than 5 percent of the price bid or $750 at the auction, and will have to pay the full balance in cash or certified check when the deed is signed over to them.
Bank of America filed the foreclosure proposal in April, and since then has been in negotiations with the Greenbridge developers to resolve the close to $30 million in principal, interest and late fees Greenbridge Development has not paid on its $43 million loan from Bank of America. They have failed to reach an agreement and Greenbridge has failed to pay, so Bank of America is going ahead with its plans to auction the property.
Less than half of the 97 units in the development are occupied. The Community Home Trust owns deeds to some of the condos, so people living in those condos will not face foreclosure, but any Greenbridge tenants who wish to terminate their rental agreement after the sale can do so with 10 days written notice to the landlord.