Noisette property goes into receivership
By Robert Behre
Circuit Judge Roger Young has appointed a receiver in the $23.8 million foreclosure suit against The Navy Yard at Noisette.
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The move essentially diverts the lease and rental income from about 240 acres of Noisette's property holdings at the former naval base to satisfy the company's creditors, including Capmark Finance Inc.
This acreage includes the light industrial area north of Noisette Creek as well as the historic housing and Powerhouse basin vicinity.
The company issued a statement early Wednesday saying the appointment is a common remedy available to lenders under most commercial leases.
"Capmark has chosen to use this tool at this time, as it is entitled to do under its loan documents," it said.
The company also said Noisette continues to negotiate with Capmark to buy its note as part of an overall restructuring.
"Despite the challenging conditions that continue to damage the banking and real estate industries, Noisette continues to experience a high level of interest and confidence from tenants, potential purchasers of individual properties and investors in the Company," it said.
Read more in tomorrow's editions of The Post and Courier.
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