Staff Report
Published Aug. 11, 2009

A group that fronted loans worth $6.1 million to the Noisette Co. — a developer charged with the overhaul of the former Navy base — has filed a lawsuit against the company to get its money back.

Noisette Investors LLC, led by Kiawah Island resident James Ramich, filed the lawsuit in late July in the Charleston County Court of Common Pleas.

Ramich is the former co-chairman of the Noisette Co.’s board of directors.

The lawsuit claims that Noisette violated the loan’s terms when its property fell into foreclosure several months ago. In early June, Capmark Finance Inc. and two other loan companies filed the foreclosure notice against Navy Yard at Noisette LLC in regard to Noisette’s $23.8 million loan.

Noisette CEO John Knott declined to comment on the most recent filing. His company issued the following statement:

“Recently, there have been additional legal filings against The Noisette Co. LLC. These filings are resulting from the company’s ongoing financial restructuring process. We continue to work with our creditors to the benefit of all parties.”