Ginn Foreclosure NOT Complete!

Update: The foreclosure did not occur, as both parties agreed it would be easier to simple transfer the land voluntarily. See later posts for updates.

The Nassau Guardian is reporting that the "intense three-year legal battle between the Ginn Development Company and a Credit Suisse-led consortium of lenders has finally come to an end."

Ginn agreed to the foreclosure of 1476 acres instead of paying more than $78 million in overdue payments ($61m in back payments, $16m in interest).

“The defendant does henceforth stand absolutely debarred and foreclosed of and from all right title interest and equity of redemption of in and to the said mortgaged property,” the Supreme Court ordered.

As previously reported, the Credit Suisse syndicate will now control the majority of the development, with Lubert Adler retaining the Core, North Shore Beach, and Old Bahama Bay.

Crave Real Estate has been retained by Adler to develop their property, and Replay Resorts are working with Credit Suisse.

With the foreclosure complete, the teams can move forward with a new vision for the development.