Citibank Initiates Foreclosure Proceedings Against Charleston Developer

In a significant legal development, Citibank, N.A. has filed a foreclosure complaint against Charleston Development Group LLC and its principal, Garrett D. Bean, in the Court of Common Pleas for Charleston County, South Carolina. The case, designated as 2025-CP-10-05963, involves a mortgage foreclosure action where Citibank, acting solely as trustee for EFMT 2025-NQM1, seeks to recover debts through the foreclosure process.

The legal documents, served to the defendants, outline that they are required to respond to the complaint within thirty days of service. Notably, if the defendants fail to respond, the court may issue a default judgment in favor of Citibank, granting the relief requested in the complaint. This could have significant financial implications for the Charleston Development Group, as it faces the possibility of losing its property assets.

McMichael Taylor Gray, LLC, the legal firm representing Citibank, has indicated that they will seek an Order of Reference to the Master in Equity for Charleston County. This order will allow for a detailed review of the case, with appeals potentially directed to the South Carolina Supreme Court or the Court of Appeals, as stipulated by the South Carolina Appellate Court Rules.

Legal Obligations and Next Steps

The summons also highlights important obligations for any minors involved or those under legal disability. They must apply for the appointment of a guardian ad litem within thirty days of service. Should they fail to do so, the legal firm will move forward with the appointment process.

Furthermore, the filing includes a notice regarding the assignment of rents. According to Section 29-3-100 of the South Carolina Code of Laws, all collateral assignments of rents within the mortgage are now perfected. As a result, all rental payments from the property in question will need to be directed to Citibank’s legal counsel following the default.

Filing Details and Legal Representation

The Lis Pendens, Summons, and Complaint were officially filed on October 24, 2025, in the Office of the Clerk of Court for Charleston County. Citibank’s legal team, comprised of attorneys January N. Taylor, J. Pamela Price, and Shannon Kaufman, is prepared to navigate the complexities of this foreclosure action, which may set a precedent for similar cases in the region.

The outcome of this case could have broader implications for the local real estate market and the financial practices of developers operating in Charleston. As the legal proceedings unfold, close attention will be paid to how the court resolves the issues presented by both parties involved.