Foreclosure finalized for The Tides condos in Mount Pleasant
The unsold luxury residences at the high-profile Tides condominium development in Mount Pleasant are under new ownership.
A group called Charleston Harbor Holdings LLC acquired the 50 units at a Charleston County courthouse auction today.
The company bid $5 million of the roughly $43 million it is owed from the original developer, Carolina Eastport LLC. No counter-offers were submitted at the sale.
Charleston Harbor Holdings, which was incorporated in Delaware and has a mailing address in Greenwich, Conn., purchased the delinquent mortgage from Charlotte-based Bank of America for an undisclosed amount in June.
Charleston attorney David Wheeler, who represents the new owner, said he was could not comment about the group’s plans for The Tides.
The unsold units will be marketed for sale.
The Tides is at the base of the Ravenel Bridge off Wingo Way and boasts commanding views of Charleston Harbor.
The 121-unit upscale development was first proposed in late 2004, when the local real estate market was still on the upswing. Most of the condos went under contract shortly after the deal was announced, but the economic downturn had come into play when construction wrapped up 2008.
By then, some would-be buyers no longer qualified for financing as banks clamped down on large mortgages known as “jumbo loans.” Others purchasers sought to get out of their contracts, saying their units weren’t completed within the agreed-upon schedule.
Bank of America filed its foreclosure lawsuit in November 2010.
See Wednesday’s editions of The Post and Courier for more details.
Reach John McDermott at 937-5572.