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WTVD: West Village investor sues Blue Devil Partners over $200k loan

An eyebrow-raiser on ABC 11 this morning: WTVD notes that Rahim Rhahime Bell, a man who purports to have invested $200,000 with the former Blue Devil Ventures towards the redevelopment of the West Village complex in Durham, has filed suit in Federal court for three quarters of a million dollars. Bell, noted by WTVD to be an investment banker, claims he invested in the project at an interest rate of 24% and is in his suit demanding payment.

More on this as additional details become available. Update: Ray's got more details in Thursday's Herald-Sun with some additional information. The big piece of additional information in the article is that the purported loan dates back to 2001. Bill Kalkhof is quoted in the piece as noting that construction continues apace on the Phase II of the West Village project, A.K.A., The Redevelopment That Ate West Main Street.


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