Jul
17

Atlantic Beach Developers Face Foreclosure

By
July 17, 2008

By Robert Morris – The Sun News

The developers who two years ago seemed among Atlantic Beach’s brightest hopes for redevelopment are now threatened with foreclosure on their beachfront properties, the latest in a public string of financial woes for the company.

Atlantic Beach Oceanfront and Seventh Street Properties, two companies run by brothers Matt and Frank “Buddy” Gadams, control almost an entire block of the town’s beachscape, but were put on notice of impending proceedings Tuesday for a $9.5 million mortgage from 2006.

In June, an investigation by The Sun News found that the two companies owed the town $50,000 in unpaid, delinquent property taxes. Meanwhile, a downtown condominium tower begun by Buddy Gadams in Norfolk, Va., is mired in its own financial troubles.

“I hate to see anybody get foreclosed on,” said Atlantic Beach Town Councilman Donnell Thompson. “But many times, someone’s loss is someone else’s fortune. If they can’t get it worked out, certainly it’s beachfront land, and very, very valuable.”

The Gadamses did not return a call for comment Wednesday.

In 2006, the Gadams brothers signed a $9,560,000 mortgage with a group of South Florida lenders, including Coconut Grove Bank and Mellon United National Bank, according to records at the Horry County courthouse. Seann Tzouvelekas, the Greenville-based attorney for the lenders, declined to discuss details of the mortgage or the upcoming foreclosure action, but said the law gives lenders 20 days to begin foreclosure.

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