A sizable portion of the Noisette Project property in North Charleston was turned over to a lender today after no bids were submitted at a foreclosure auction.
Delaware-based CHSA LLC took ownership of the 240 acres on the former Navy base.
It had been owned by Navy Yard at Noisette, which owed CHSA about $23.8 million. Any competing bids would have had to exceed that amount.
CHSA is affiliated with former state Commerce Secretary Bob Faith’s Charleston-based real estate firm. It acquired the Navy Yard at Noisette mortgage this year from another lender for an undisclosed sum. Its plans for the land are unclear.
The property is among the sites that the state Commerce Department has identified as a potential rail yard to serve a new port terminal being built nearby. The land has an existing rail line on it.
For more details, see Wednesday’s edition’s of The Post and Courier.