Bank's bid is highest at marina auction

November 22, 1991|By Edward Gunts

An affiliate of Perpetual Savings Bank of Alexandria, Va., was the high bidder yesterday for 99 boat slips and related property at the 500-slip Anchorage marina in Canton with an offer of $2 million.

S.A.D. Realty, a Perpetual affiliate that represents the bank's "special assets division," will become the new owner of the boat slips once the sale by Atlantic Auctions is ratified by the Circuit Court for Baltimore City.

S.A.D. also will take control of a four-story dockmaster's office and sales center for the marina, the largest in Baltimore and a symbol of its waterfront renaissance during the 1980s.

Perpetual's attorneys initiated foreclosure proceedings this year against the developers of the marina, claiming in court documents that four groups owed the bank more than $3.4 million as of July 12.

Perpetual provided loans totaling more than $3.3 million in the 1980s to help developers build the marina complex off the 2500 and 2700 blocks of Boston Street.

The defendants named in Perpetual's suits are: Marina Ventures Internationale, Waterfront Internationale Ltd., Constellation Place Joint Venture and Constellation Place Corp. All are connected to developers Dwayne Stevenson, his son, Scott, and Gale Brimhall, who launched the yachting center in the early 1980s.

Representatives of Atlantic Auctions said yesterday that the sale would have no affect on boaters who own slips at the marina and that the bank will honor all leases. Sharon Pocock, an attorney representing the bank, said Perpetual's real estate subsidiary will market the unsold slips to individual buyers.

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