Owner of Sharonridge, 3 other Charlotte apartments files for Chapter 11 bankruptcy
The owner of four Charlotte apartment complexes, including the Sharonridge apartments at Sharon Lakes Road, filed for bankruptcy on Tuesday, according to court documents in federal bankruptcy court. Google
The owner of four Charlotte apartment complexes filed for bankruptcy on Tuesday, according to court documents in federal bankruptcy court.
The companies that filed for bankruptcy are all affiliated with Great Circle Capital, LLC, based in Indian Trail, corporate records show. A representative of the company could not immediately be reached Wednesday.
Property records show the companies own four low-rise apartment complexes in east and south Charlotte.
Those include the Sharonridge apartments at Sharon Lakes Road and Sharon Road West, as well as apartments at North Sharon Amity Road and Montague Street, Commonwealth Avenue and Rockway Drive and at Farmhurst Drive, near Nations Ford Road and Interstate 77.
The bankruptcy petitions were filed voluntarily under Chapter 11, which typically allows a company to reorganize its finances, reduce debts and continue operating.
The bankruptcy filings show assets of less than $50,000 and debts estimated between $1 million and $10 million. Creditors listed who are owed money include landscaping services, law firms, pest extermination companies, the city of Charlotte and Duke Energy.
The bankruptcy filing comes amid a record boom in new apartment construction in Charlotte. More than 12,000 units are under construction and another 13,000 are planned, according to Charlotte-based Real Data.
Article from:- http://www.charlotteobserver.com