The Park Falls to Foreclosure

By: Melissa Hankins

The major lender of an ambitious uptown condo project is foreclosing, after the Charlotte based developer, Verna & Associates, defaulted on its 30.7 million dollar construction loan.

Over 80 units were under contract at the Park Condominium Tower on South Caldwell. Buyers paid hefty deposits, and advances on upgrades. Now they're worried they won't see their cash or their dream condos.

"They've got a good amount of my money," Tony Colletti told WBTV's Melissa Hankins today, as a group of buyers gathered outside the Mecklenburg County Courthouse.

Deborah Goldstein and her husband, Rafael, were there too--she says the unit they bought was supposed to be a stunner.

"It's a shock. It's very disappointing," she said.

Their only hope now...that someone with deep pockets and a deeper conscience will come along and buy The Park when it's auctioned off on Aug. 7th.

Verna officials were not available today for comment.