Business

Lender buys The Park condos for $17.9 million

The Park condos' lender was the highest – and only – bidder on the property Thursday during an auction at the Mecklenburg County Courthouse.

The Wisconsin-based BB Syndication Services Inc., through attorney Tim Griffin, bid $17.9 million on the stalled 21-story tower in front of a large crowd that included condo owners.

The project, located at Caldwell and Third streets uptown, went into foreclosure last month. According to court documents, developer 222 South Caldwell Street Ltd. Partnership, part of Verna & Associates, owes more than $27 million to BB Syndication Services Inc.

After the auction, Griffin declined to speculate on what would happen to the unfinished condo tower. Other potential buyers now have 10 days to make a higher bid on the property.

Some condo owners have already filed lawsuits against The Park's developer, and others are talking of banding together to do the same. Contractors and others who worked on the project have filed liens and lawsuits against the company, claiming more than $4.9 million in damages.

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