An investment group was awarded a $91 million judgement against the developer of Point Ruston after a years-long legal battle. The parcel that is being foreclosed includes the parking garage and Point Ruston's Waterfront Market. The developer has been in a years-long legal battle with investors over its inability to make loan payments.
Court documents detail that although the developer, including Point Ruston, LLC, Point Ruston Phase II LLC and other associated companies, initially made loan payments, they were often late or inconsistent. Out of the first 27 quarters of the loan, 24 payments were delinquent. Documents filed in June of 2023 note that the defendants have not made a loan payment since March of 2021
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