SunTrust buys bankrupt Wake Forest development
Posted March 20, 2009 4:42 p.m. EDT
Updated April 1, 2009 3:46 p.m. EDT
Raleigh, N.C. — 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.