Greenbridge, the 10-story, eco-centric condo project in downtown Chapel Hill that is facing foreclosure, has been given a reprieve.
Tim Toben, one of the five developers behind the $56 million project, said in an email Friday that Bank of America has agreed to indefinitely postpone the foreclosure sale to allow the partners to find an investor to buy the outstanding debt on the property.
A foreclosure auction had been set for June 27.
"There's still a long way to go to complete a transaction, but we are grateful to Bank of America for choosing to allow the necessary time to complete a sale that will be a win for the community, for Greenbridge, and for the bank," Toben said.
Toben said three groups have submitted formal offers to buy the outstanding debt. The developers still owe $29 million.
Greenbridge is one of several Triangle condo projects that have run into financial trouble as the downturn caused demand for the units to evaporate.
Bank of America financed Greenbridge with a $43.5 million, three-year construction loan. The project's high cost was the result of numerous green features, including solar energy, water conservation and energy-reduction systems.
The developers have been unable to sell units since liens were put on the property last fall. Bank of America balked at paying the final bills on the project after they came in $1.6 million over budget.
The contractor then filed nearly $7.9 million in liens to cover the overrun and other fees. Bank of America began foreclosure proceedings in April.
Greenbridge includes 97 units, 37 of which have sold.
Get the biggest news in your email or cellphone as it's happening. Sign up for breaking news alerts.
Americans bought more new homes last month, the latest evidence that the U.S. housing market could be starting to recover. 
Americans are buying more homes in every region of the country, the latest indication that the housing market could be on the mend. 
The downtown developer pays $1.5 million for two properties located across Hillsborough Street from Meredith College. Hatem is also renovating The Raleigh Times Bar, one of many downtown establishments his restaurant group owns. 
National foreclosure trends took a positive turn in April, as the number of homes seized by banks declined and fewer properties entered into the foreclosure process. 
U.S. builders started work on more homes and apartments last month and requested more permits to build single-family homes. The increases suggest the battered housing market is healing. 
The number of showings and pending sales also increased in April compared to the same period last year. Keep up with the latest business stories with our free e-mail newsletter, delivered straight to your inbox!
Subscribe to Business - it's free!
Subscribe to NC Business News - it's free!
Subscribe to Technology/Biotech - it's free!
