Waterstone, who recently changed their LLC registered name to NCPCB Investments, LLC, is in Foreclosure for the 4 Condos they own here at Nautilus Cove, in building 7*. They had 30 year 6.625% mortgages through Compass Bank in Alabama and did not keep current on their monthly payments of $864.87.
They are also $1400 in arrears on each unit for their 2 missed quarterly association fee payments and it is expected that shortly liens will be filed on all 4 units. The principal players in this LLC are Chad Gilliland and local big time operator Mr. Alan O'Neal. Ben Edwards recently opted out of this LLC (rats = sinking ship?).
The owners civil suit against Waterstone/NCPCB continues for their prior conduct in renting out their units which were used as a dormotory for foreign workers (as is happening today with a non-Waterstone unit, #706).
* 710, 712, 714, 716