Luxury condos for rent? Not according to The VUE

Luxury condos for rent? Not according to The VUE

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by DIANNE GALLAGHER / NewsChannel 36 Staff

Bio | Email | Follow: @DianneG

WCNC.com

Posted on March 9, 2012 at 1:05 AM

Updated Friday, Mar 9 at 7:16 AM

CHARLOTTE, N.C. -- Lenders to The VUE Charlotte are trying to sell more than $100 million in junior loans to third party investors that could impact the future of the luxury condominiums.

Industry publication Real Estate Alert first reported two foreign companies were pitching the junior loans to investors that may want to convert the condos into rental apartments.

NewsChannel 36 asked The VUE Charlotte about the report and the developer, Dan McLean, issued this statement:

“The VUE Charlotte is remaining a condominium building. Nothing has changed. Several of its European mezzanine lenders are attempting to sell their junior mortgage to a third party investor. The VUE Charlotte has nothing to do with this process and will continue to sell condominiums as it always has. The VUE Charlotte has not been in default on its mortgage.”

According to property records, only 19 of the 409 condos have closed.

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