Foreclosure looms over The View

WILMINGTON, NC (GREATER WILMINGTON BUSINESS JOURNAL) – The View on Water Street has been ordered to go up for public auction June 10 after the bank that provided its’ financing declared it will foreclose on the property.

The View on Water Street is a proposed mixed residential and commercial high-rise on the corner of Princess Street between Water and Front streets that development company Momentum Group has been working on since 2007.

The 0.43 acre lot has been ordered to go up for auction at noon on Friday, June 10 at the New Hanover County Courthouse.

BB&T is the lender for the property that was appraised at $4.3 million last year, said Terry Espy, president of Momentum Group. The owners have been making interest payments of about $15,000 regularly on the $4.3 million loan, she said.

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