Sat | Dec 10, 2016

Charlton Palms placed on the market by receiver

Published:Sunday | February 22, 2015 | 12:00 AM

Charlton Palms, an apartment complex developed by Oneil Clarke's construction firm OCH Developers, is being sold en bloc under receivership.

The complex was initially financed by Jamaica Mortgage Bank (JMB), but the mortgage was later transferred to First Global Bank.

The set of 25 apartments are being sold "because of a loan that went belly up," a source close to the sale told Sunday Business.

Charlton Palms is being sold through receiver, Ken Tomlinson, as advertised in the press.

In its 2009 advertisement introducing the apartments to the market, the 12A Charlton Road development boasted of approvals by the Kingston and St Andrew Corporation and the Real Estate Board, with financing by the JMB.

General Manager of JMB, Courtney Wynter, said last week that the debt to the mortgage bank "has been paid out" and that the bank had no further interest in the development.

President of First Global Bank, Maureen Hayden-Cater, declined to state the amount owed to the bank or when it took up the mortgage, saying she was "not at liberty to make comments on this matter".

Initially, the Charlton Palms project was proposed as a complex of 30 super studios and 10 one-bedroom units built on five floors and accessible by elevator.

However, the complex in its current state consists of units of varying sizes, from 1,000 to 1,700 square feet, only some of which are occupied, the source said, adding that the development was only 90 per cent complete.

business@gleanerjm.com