Balsam Mountain Preserve faces foreclosure proceeding
Another high-end golf community in Western North Carolina is embroiled in foreclosure proceedings, this time the 4,400-acre Balsam Mountain Preserve in Jackson County.
Company President Chris Chaffin said Tuesday that Balsam Mountain has been “a market leader” in sales, with 17 closings this year. The Preserve has sold more than 230 homes sites at an average price of $530,000, but that wasn’t enough to stave off foreclosure proceedings when nearly $20 million in loans came due.
“We had sufficient sales to stay current on our interest payments and to pay down the principal and payables,” Chaffin said. “Unfortunately, our loan is due. It’s apparent the lender doesn’t have the flexibility to free up capital right now.”
Chaffin acknowledged that Balsam Mountain “actually defaulted on our loan the end of last year” and has been working with the lender since then.
The lenders listed in court documents are two corporations under the umbrella of TriLyn LLC, of Greenwich, Conn. Balsam Mountain secured two loans in 2005 for $9.8 million and $10 million.
A foreclosure hearing is scheduled for Oct. 28 at the Jackson County Justice Center. At that hearing, the debtors can show cause as to “why the foreclosure should not be allowed to be held.”
A foreclosure sale could follow later if the parties cannot work out an agreement.
via Balsam Mountain Preserve faces foreclosure proceeding | CITIZEN-TIMES.com | Asheville Citizen-Times.