Jim Anthony’s Cliffs Properties Face Foreclosure

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Developer Jim Anthony, beset by a shortage of cash, says he is facing foreclosure on about 100 Cliffs Communities Inc. properties – though Anthony is confident that he and the company he built will work through this spot.

Anthony told GreenvilleOnline.com he is behind on payments on a $20 million note to Worthington Hyde Partners, an Atlanta-based real estate investment firm, and foreclosure is looming. Most of the land is in the Cliffs at Keowee Falls, one of eight residential-golf projects developed or started by his company, Anthony said.

He said he is in talks with Worthington Hyde to restructure the note with more favorable terms, including a lower interest rate. He is certain an agreement will be reached and foreclosure avoided, Anthony said.

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