The latest holder of the debt on Belle Meade Town Center has set an auction date for the Harding Pike mixed-use project.
MTGLQ Investors, the Goldman Sachs subsidiary which bought the debt on the project earlier this month, will sell the property in a courthouse auction Oct. 19.
The center, home of a Harris Teeter grocery, 54 apartments and a Regions Bank branch, was set to go under the gavel Sept. 16 but MTGLQ's purchase of the debt – for an undisclosed price – from Wells Fargo delayed the sale and raised questions about what MTGLQ's plans were for the site.
The development's ownership, BMT Associates – a joint venture including Brentwood-based PGM Properties, Nashville real estate developers Tony Giarratana and Brent Smith, and an unnamed out-of-state investor – defaulted on a $23.6 million loan in August, initiating the original auction by Wells Fargo.
The project has long been a rocky one, with the much-heralded opening of Harris Teeter overshadowed by the Publix store across the street in the Belle Meade Hill Center.