Loan woes? Banks expected to share Biscuit burden
With at least part of its $34 million loan already declared in “early stage delinquency” by the lead lender, Biscuit Run’s conversion to a state park may leave several banks with millions in losses.
In a November 6 federal filing, Bluefield-based First Community Bank notified its shareholders of the potentially massive problem but assured them that the loan was “adequately secured” by a “large tract of undeveloped land in Virginia.”
What First Community may not have counted on was Governor Tim Kaine’s eagerness to add new parkland or on the generosity of Biscuit Run owner Forest Lodge LLC, a consortium publicly headed by Hunter Craig.
Craig spent several years before County staff winning the right to eventually develop 3,100 homes on the 1,200-acre tract in southern Albemarle. On December 30, however, Craig’s group sold the land to (more)