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Monday, March 30, 2020
   
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Residential Real Estate

Two Major Residential Developments Head Toward Foreclosure

Land formerly Owned by Michael Brown also in the Legals Pages

By Ray Steele

SBJ Editor

Legal foreclosure notices appeared Monday on two of Savannah’s largest residential projects, The Reserve at Savannah Harbor on Hutchinson Island and Sweetwater Station in the Georgetown area.

BB&T is foreclosing on Brampton Plantation LLC’s residential development note for The Reserve at Savannah Harbor, Phase I originally dated July 11, 2005.  The note’s original principal was $21 million and later amended to $24.5 million.

The Reserve at Savannah Harbor is comprised of 91 acres that Brampton Plantation purchased in 2004 from CSX Realty Development LLC.  CSX was the master developer of Savannah Harbor, including the Savannah International Trade and Convention Center and the Westin Savannah Harbor Golf Resort and Spa.  Thomas & Hutton Engineering performed the original land survey work for the development.

Bank of America is foreclosing on Tidal Construction Company’s $5 million Sweetwater Station residential development note originally dated December 15, 2004 and modified as recently as March 31, 2008.  The project encompasses more than 180 acres of land in Chatham County south of Abercorn Street.  EMC Engineering Services performed the original land survey work for the project.

Tidal Construction was founded in 1986 and is owned by longtime Richmond Hill developers Anthony Register and John Meeks.  Register also owns Save Energy Insulators, LLC, founded in 2006 and is also the developer of the Highland Falls Neighborhood in Richmond Hill.

Atty. William Ronning of Bouhan, Williams & Levy, Savannah is the attorney for Bank of America.

Also going into foreclosure are two lots formerly owned by 226 West Broughton, LLC. The  lots are at 322 West Anderson Street and 1314 Montgomery Street.  1314 Montgomery is home to the East China Restaurant, which is still in business as of today.

226 West Broughton, LLC. is owned by noted downtown preservationist and commercial real estate developer Michael Brown, who is also CEO of Marley Management Company, named in the foreclosure legal notice, as well.  

However, Brown states that he sold the lots off in late December 2009/early 2001 to Wellington Management, LLC and Dray Prop LLC..

Wellington Management, LLC, located in Boston, MA, is represented by Sullivan & Worcester. Their agent, Atty. Harvey Bines, a partner with the firm, was not  available  for comment by press time.

While Brown is listed as the registered agent for DrayProp LLC., “I no longer own that company,” he explained. According to Brown, the title information must not have caught up with the transaction and neither he nor any company that he owns has any financial responsibility for the note or secured debt held by Darby Bank on the land.  Brown also said that it’s possible that the lots were pledged to Darby by the new owners of Dray Prop for other indebtedness.

Brown received $5.7 million for the two small Broughton Street lots, “essentially…long with other considerations,” he explained, as part of  land swap deal with the new owners.

Darby Bank & Trust is foreclosing on a note on the two lots originally dated back to July 14, 1999. Brown says that he thought that the notes were paid off when his sale took place in January 2010.

Darby Bank’s attorney is Kathy Horne at  Inglesby, Falligant, Horne, Courington & Chisholm, PC.

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