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SunTrust buys bankrupt Wake Forest development

Posted March 20, 2009
Updated April 1, 2009

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— SunTrust purchased the Hasentree Golf Course community Friday in a bankruptcy auction, officials said.

About 50 homes on the upscale, 934-acre development in Wake Forest are either completed or under construction. Only half of those are occupied or have customers locked in, Hasentree Corp. developer Henry MacNair said.

The community is planned for 650 homes ranging in price from about $800,000 to more than $5 million, a Tom Fazio-designed championship golf course, a 30,000-square-foot clubhouse and a 13,000-square-foot family activities center.

SunTrust foreclosed on the project in December, and the bank couldn't find anyone at Friday's auction willing to pay more than its $32 million bid.

The bank is trying to recover about $39 million borrowed by the developer.

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  • Doctor Dataclerk Mar 23, 2009

    TARP funds have nothing to do with a loan in default. They have no choice but to buy in the property as OREO (Other Real Estate Owned) and hold it until times are better and they can find a buyer. At a court ordered foreclosure sale, if the bank didn't buy it, someone could have bought the entire development for a dollar. They are just protecting the bank's and stockholders of SunTrust's interest. I'll guarantee that owning this is the last thing they wanted to happen.

  • nataliecox5 Mar 20, 2009

    wow knothead that makes 2 of us

  • nataliecox5 Mar 20, 2009

    they need to make it a big hunting club

  • knothead Mar 20, 2009

    I'll give them $100 a year to let me hunt out there. Be a great hunting club.

  • lyteoflife Mar 20, 2009

    wow....with the economy the way it is...why are they building these homes....that will go into forclosure like the other high dollar homes in that area? Then again, it is society that bites off more than they can chew

  • Southern Girl Mar 20, 2009

    This is a beautiful neighborhood. We have gone through there several times. I remember one Parade of Homes event that you couldn't even get in there were so many people there to see the beautiful homes.

    These developers have developed very nice neighborhoods in the past; however, the economy brought this one down, and it is ashame.

    Hopefully, things will work out for everyone concerned.

  • capitalland Mar 20, 2009

    The first time I drove through there I knew it was a dog. Its miles from even a convenience store muchless a decent grocery. Golf ain't everything.