North Carolina marina enters foreclosure - Trade Only Today

North Carolina marina enters foreclosure

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The only marina on Topsail Island, a 26-mile barrier island off the coast of North Carolina, is being foreclosed.

The Beach House Marina has served as a major commercial hub for Surf City, N.C., since 2001, according to a Jacksonville, N.C.-based newspaper.

Wells Fargo plans to shut the marina, forcing out families and businesses, The Daily News reported Tuesday.

The closing is not expected to immediately affect the dry slips at the site. The closing is a blow to the already beleaguered area, which has been hit hard by drops in tourism and the struggling housing market, area business owners said.

During the property’s recent foreclosure auction, Wells Fargo purchased the commercially zoned land for $2.6 million.

The marina was built by a limited liability corporation, with Mark Yow as developer.

In February 2011, Beach House Marina, Surf City Investments and Yow’s Motel Investment merged into a single corporation with a total debt to Wells Fargo of $4 million, with Mark Yow owning 50 percent and other partners owing the rest, according to records filed with U.S. Bankruptcy Court in Wilmington, N.C. The day the corporation formed it filed for Chapter 11 bankruptcy protection and later defaulted by failing to make payments, court records say.

Surf City Mayor Zander Guy said the bank is removing the area’s biggest attraction, which not only provided a home to families and a mooring point for charter businesses, but also was the only place on Topsail Island for boats to get fuel.

“I’m concerned that it’s taking tourism revenue out of Surf City,” Guy said.

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