Tetra Foreclosure?

Looks like the poor economy or poor business decisions have clamed another victim. Tetra Investment Group 26 LLC. has been foreclosed on for default on millions in loans. Who is Tetra?

They're the development company that bought the back side of the Town Creek property. You may remember that Dr. Bob Overholt bought the Eldridge farm some years ago. Overholt tried his best to get Lenoir City and the county to bank roll his plan to developed the property. When neither government body would foot the bill, Overholt sold the property.

The front fifty acres along Hwy. 321 was sold to Mimms Development and has seen some new development. The larger portion some 267 acres was sold to Tetra Development. Tetra has spent millions developing the property even building a bridge over Town Creek connecting the two sections of the development.

Tetra had proposed a multi use development with commercial and residential sections in the development. They had also planed to build a connector road from Hwy. 321 to Old Hwy 95 at the High school. Lowes Building Supply had even made preliminary plans to locate on the property. All that may be dead now.

The foreclosure sale of the property is slated for June 23, 2010 at 1:00 pm at the Loudon County Court House.  

Click Here To Read Foreclosure Notice From The News Herald