SunTrust Takes Title to Grand Reserve Golf Course with Deed in Lieu of Foreclosure

Two separate loan balances totaled $14,594,441.50.

Palm Coast, FL – September 20, 2011 – The Flagler County Clerk of Courts recorded September 15th two "Deeds In Lieu of Foreclosure" to a company affiliated with lender SunTrust for the Grand Reserve Golf Course. In a deed in lieu transaction, the property owner (in this case OB Investors, LLC) surrenders the property in satisfaction of the outstanding mortgage amount.
Two separate loan balances totaled $14,594,441.50. The original principal amount of the first loan was $15,438,297.78. The remaining balance was $12,332,739.28. The original principal amount of the second loan was $2,261,702.22 with a remaining balance of $2,261,702.22. SunTrust was the lender. The deed in lieu was granted to CRM Florida Properties, LLC, a Georgia limited liability company. State of Georgia records indicate that CRM Florida Properties is affiliated with SunTrust. The deeds in lieu were executed September 9, 2011.
The model home/sales office was unmanned today. Grand Reserve Real Estate Division’s listed number phone number (386-437-9445) has been "disconnected or is no longer in service."
The golf course remains open for business under Capstone Golf management. "Capstone Golf had a management agreement with the developer and has a management contract with the current lender.  The operation will continue the same until the lender finds someone to purchase the property," said Capstone’s Chief Operating Officer, J. Michael Pullen II. The 18-hole course is open to public play.

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