Historic Church Finds Buyer In Foreclosure Sale
One of Winston-Salem’s oldest African American churches has been sold at auction. This comes just after a judge approved its foreclosure sale.
Apex Bank is acquiring Greater Cleveland Avenue Christian Church for $3.5 million.
The church and its 15-acre site sold during an auction at the Forsyth County Courthouse. Apex also holds nearly the same amount of the organization's debt from an earlier loan. This follows a court ruling that halted the church’s efforts to change the terms of its bankruptcy reorganization.
Judge Catharine Aron said Greater Church didn’t demonstrate that it could refinance the property. She also said that the church didn’t act in good faith in its proposed bankruptcy modification plan.
The Winston-Salem Journal reports foreclosure sale rules dictate a 10-day upset period, allowing another buyer the opportunity to outbid Apex.
The tax value of the church is $6.3 million, although it doesn’t owe property tax due to its religious exemption.