In 2005, city officials discovered that Noisette had borrowed $3 million against the land on the former base without their knowledge. The next year, Noisette borrowed $23.7 million from Capmark Investing Group, using most of its remaining land on the base as collateral. Noisette failed to make timely repayment to Capmark, and the property went into foreclosure. Noisette representatives insisted at the time that they would be able to repay Capmark and make good on their vision for redeveloping the old Navy base.Bartelme, Tony and Doug Perdue (November 22, 2009). "Noisette: The future of the old Charleston Navy Base and a look at the deal that never happened", Post and Courier. Retrieved January 15, 2011.
in 2005 city officials discovered that noisette had borrowed $3 million against the land on the former base without their knowledge the next year noisette borrowed $237 million from capmark investing group using most of its remaining land on the base as collateral noisette failed to make timely repayment to capmark and the property went into foreclosure noisette representatives insisted at the time that they would be able to repay capmark and make good on their vision for redeveloping the old navy basebartelme tony and doug perdue (november 22 2009) "noisette the future of the old charleston navy base and a look at the deal that never happened" post and courier retrieved january 15 2011