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Local firm's Carolina development slides into <br />bankruptcy <br />Scntt 01-nn <br />Hprn zz, zulu <br />KEYWORDS <br />APARTMENTS, COMMERCIAL REAL ESTATE, DEVELOPMENT/REDEVELOPMENT, FLAHERTY & COLLINS PROPERTIES. <br />PROPERTY MANAGEMENT, REAL ESTATE & RETAIL. RESIDENTIAL REAL ESTATE <br />BACK TO TOPCOMMENTSE - MAILPRINT Q BOOKMARK ® t: 0 ••• <br />RELATED NEWS AND OPINION <br />• Indianapolis -area experts see bright spots amid ongoing real estate weakness <br />• Historic Landmarks returning to headquarters <br />• Owner of city apartment complex files Chapter 11 <br />• Developer seeks rezoning for Canal apartments <br />• Westfield's proposed Symphony development under review <br />IN DEPTH <br />• Brizzi's lease deals benefited friend, donor <br />• Grad students dream up plans for mass transit <br />• Simon family's interests helped city thrive, but taxpayers paid the price <br />ADVERTISEMENT <br />A second residential project in North Carolina led by Flaherty & Collins Properties has landed <br />executives of the Indianapolis -based development firm back in bankruptcy court. <br />Flaherty & Collins' Brier Creek FC LLC filed for Chapter 11 bankruptcy reorganization in Indianapolis <br />on Tuesday, listing both liabilities and assets of between $10 million and $50 million. It's the second <br />Flahery & Collins project in North Carolina to experience bankruptcy in the past six months. <br />Flaherty & Collins is the developer of The Exchange at Brier Creek Apartments, a mixed -used project <br />in Raleigh, N.C., featuring a 274 -unit complex, movie theater and fitness center. Brier Creek is the <br />owner of the complex. <br />The Brier Creek complex was finished in 2008 and has an occupancy rate of 93 percent, according <br />to court documents. <br />A spokesman for Flaherty & Collins blamed Brier Creek FC's financial troubles on an outside <br />management company it used before turning those responsibilities over to its Flaherty & Collins <br />Management division. <br />"They failed to get it leased," Mark Conover said Thursday morning. "At the same time, what <br />happened with the economy, the rents didn't rise like they should have because of the job situation <br />in Raleigh, and we missed a couple of [debt] payments." <br />Brier Creek FC has no employees but pays workers provided by Flaherty & Collins Management Inc. <br />to operate and manage the complex. In its bankruptcy filing, Brier Creek is asking to use collateral it <br />has with its bank, First Horizon Home Loans in Irving, Texas, to pay the employees. Payroll <br />expenses total about $46,000 a month. <br />