BRD Land & Investment Properties Head to Auction Block

A bankrupt land developer is planning a multistate fire sale.

Charlotte-based BRD Land & Investment hired Iron Horse Auction Company to market and sell a sprawling portfolio of residential and commercial development sites after filing for Chapter 11 bankruptcy protection last month. Bisnow reported that the package includes 30 residential projects across North Carolina, South Carolina, Georgia and Texas, along with eight commercial sites in North Carolina.

The portfolio carries entitlements for more than 14,000 potential home lots, positioning it as one of the larger distressed land offerings to hit the market in recent months, according to the publication.

The move comes after BRD filed for bankruptcy in the U.S. Bankruptcy Court for the Western District of North Carolina on Feb. 24, citing a sharp pullback in entry-level homebuying demand. In court filings, Chief Restructuring Officer William Barbee said the firm lost as much as $390 million in projected 2025 pipeline revenue as deals with homebuilders unraveled.

Thirteen projects across the Carolinas and Georgia were terminated, while another seven in Texas were deemed no longer viable, according to the outlet. BRD’s capital stack has also frayed. The firm alleged that lender DLP Lending Fund mounted a “pressure campaign” to force loan paydowns, straining the relationship as BRD’s liquidity dwindled.

The developer still carries roughly $20 million in debt tied to properties valued at about $34 million, according to the filing. It also has $66.5 million in outstanding notes to other lenders, according to the publication. Iron Horse, working with Iron Horse Commercial Properties and Great Neck Realty, is now tasked with running a court-supervised sale process aimed at maximizing recoveries. Bidding procedures and a timeline are expected in the coming weeks.

The listing pitches the scale and geographic spread of the portfolio as a draw for opportunistic buyers, particularly those betting on long-term housing demand in high-growth Sun Belt markets.

BRD’s filing came just days after it was sued by Charlotte-based LandDesign, which alleged it was owed $360,000 for engineering and design work.

— Eric Weilbacher