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Fords Colony in Default

From an article in the Rocky Mount Telegram  by  John Henderson

fordscolonyrockymountnc Undeveloped lots in the Ford’s Colony community in Rocky Mount, North Carolina are slated to be sold to the highest bidder next month at the Nash County, NC Courthouse as part of a foreclosure sale.

According to a legal notice published in the Rock Mount Telegram this week, developer Ford’s Colony Rocky Mount LLC has gone into default on a loan taken out in June 2008 for $7.2 million.

But the developer is working with BB&T bank, which is owed the money for a loan it made for water, sewer and roads, to avoid the sale, said Drew Mulhare, vice president of Realtec Inc., the managing partner for developer Ford’s Colony LLC.

The lots were used as collateral for the infrastructure loan, Mulhare said. He said a bond required by the city ensures that work will be finished.

The company will continue to develop the 1,400-acre master-planned community, which is slated to have 1,000 home sites, Mulhare said.

About 20 to 30 lots in phases 3 and 4 of the project are slated to be sold in the foreclosure sale. So far, between 200 and 225 lots have been sold.

Among the phases slated to be sold is Phase 3 of the community, which, according to property records, is located a few hundred yards north-northwest of the community’s tennis courts and clubhouse.

Other lots being sold are in Phase 4 of the community along Cummings Road. Mulhare said a court ruling that prohibited that community from closing the road to public traffic had hurt lot sales along that road.

“When we were opening Phase 4, the real estate crunch hit, and the Cummings Road crunch hit, and we were pretty much stalemated at that point,” he said.

He said they have every intention of developing out the remaining 800 lots in the community.

“We love Rocky Mount,” he said. “It has been very good to us. We’ve tried to stay in touch with the city and county government, and we all want the best for Ford’s Colony. What’s good for Ford’s Colony is good for Rocky Mount.”

The legal ad states that the property will be sold at public auction to the highest bidder at the Nash County, NC. Courthouse at 10 a.m. June 8, 2009.

The community’s golf course and clubhouse are not part of the sale.

And lots with homes on them are not part of the sale, according to Kitty Hawk attorney Daniel D. Khoury, who is the trustee in the sale.

“It would be fair to say (the sale) involves unimproved lots,” he said. “We’re not foreclosing on any homes.”

Homes in the gated, master-planned community cost between $300,000 and $750,000.

The 1,400-acre community is being developed by the Ford family, who created Ford’s Colony at Williamsburg in 1985.

Development began at the Rocky Mount community in summer 2004.

You can view the Foreclosure Sale notice here :  http://classifieds.rockymounttelegram.com/classifieds-bin/classifieds?tp=RockyMount&property=rockymount&classification=announcements&ad_id=188700187&temp_type=detail

You can read the full Story here :http://www.rockymounttelegram.com/news/fords-colony-forced-to-sell-off-some-undeveloped-lots-634050.html

One Response

  1. […] another legal proceeding against Realtec and Rocky Mount, NC Ford’s Colony development which I wrote about here back in May of […]

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