Hamilton Square sold for $2.6 million
Furniture Today Staff -- Furniture Today, February 25, 2013
HIGH POINT - A U.S. Bankruptcy Court judge in Greensboro, N.C., has approved the sale of High Point's Hamilton Square showroom building for $2.6 million to the Florida-based bank that is the property's largest secured creditor.
Judge Thomas Waldrep Jr. approved the sale of the 113,000-square-foot building after Capital Bank Financial increased what had been a high bid of $1.4 million bid at a foreclosure auction. Two other entities were bidding on the property.
During a hearing after the auction to confirm the sale, Capital Bank attorney Ashley Rusher told Waldrep that the bank was raising its bid to $2.6 million.
In bankruptcy parlance, the bank's bid is considered a "credit bid" because the value of its claim is used as collateral and it doesn't have to make the purchase in cash.
Capital Bank inherited a $5.4 million note on the property with its October acquisition of Greensboro-based Southern Community Bank, the original note holder.
Hamilton Square's owner, a company controlled by High Point businessman Wayne McDonald, filed for chapter 7 bankruptcy in July.