Citibank Initiates Foreclosure Proceedings Against Charleston Development Group

Citibank, N.A., acting solely as the trustee for EFMT 2025-NQM1, has initiated a foreclosure proceeding against Charleston Development Group LLC and its principal, Garrett D. Bean. This legal action is taking place in the Charleston County Court of Common Pleas under case number 2025-CP-10-05963, as documented in court filings on October 24, 2025.

Legal Action Overview

The formal summons has been issued to the defendants, requiring them to respond to the complaint within thirty days. This timeframe extends to sixty days for the United States government or its agencies. Failure to respond within the stipulated time may result in a default judgment against the defendants, granting the relief sought by Citibank.

The case centers around the foreclosure of a mortgage, with Citibank seeking not only the recovery of the property but also potential damages. The attorneys representing Citibank, McMichael Taylor Gray, LLC, have indicated their intention to seek an Order of Reference to the Master in Equity for Charleston County, with the possibility of an appeal to the South Carolina Supreme Court or the Court of Appeals.

Additional Legal Provisions

Minors aged fourteen or older and those under legal disabilities have also been advised of their right to an appointed guardian ad litem. If no application is made within thirty days, the law firm will proceed with the appointment.

Furthermore, according to Section 29-3-100 of the South Carolina Code of Laws, Citibank has notified the defendants that all rents associated with the property in question are payable directly to the bank due to the default. McMichael Taylor Gray, LLC, may also seek an order to enforce this assignment of rents, compelling the defendants to comply accordingly.

The legal steps taken reflect Citibank’s commitment to recover funds tied to the mortgage and protect its interests in the property involved. As this case unfolds, it will be closely monitored for its implications on local real estate and financial practices in South Carolina.