The Thurston Highlands auction rescheduled for today at 10am has been postponed until August 7th. HMMM!
The NVN said,
“Thurston Highlands note was purchased by an unknown investment group and the company declared Chapter 11 bankruptcy, halting foreclosure proceedings.
‘It puts the LLC into the position where it stops the foreclosure process,’ said developer Steve Chamberlain. ‘Its a means in which to get time to work things out.’ …
The property was going up for auction June 5 because the developers owe more than $12 million after its primary lender, Frontier Bank, couldnt extend the loan…
The auction was postponed until June 12, but a private investment group purchased the note from Frontier.
Chamberlain said he does not know who purchased the note, but is trying to find out himself.
In the meantime, Chamberlain is working on a long-term financial plan and expects to have a plan in place within the next several months.
That plan includes paying existing debts and working to get out of foreclosure.
The developers still owe the City of Yelm $121,500 for planning services associated with the master planned community.
City Administrator Shelly Badger said the city wont process any applications for the project until the debt is paid.”
UPDATE: From The Olympian of Monday, June 15th.