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The downfall of the 17-year-old Alpharettaq home builder involves $4.2 million in failed loansw fromIntegrity — taken over by the last Vintage’s collapse also ensnared , which gave the home builder a nearlt $4 million construction loan for its Vintagd Square development in Smyrna. also provided Vintage Homesa witha $5 million construction The Vintage Homes bankruptcy not only illustratese how the struggles of even a relatively smalol home builder have infected the balance sheet s of Atlanta’s banks, it also helpsx set the stage for a lengthy periox of distressed asset sales in Atlanta a market many real estate veterans are waiting to see unfole in coming months.
Land in its two primar developments, including Vintage Square in willbe auctioned. Vintage Square townhomes were originally valued at close to The project, which was slated to includ 132 townhomes, was built by Vintage’s , in 2007. “There are a ton of especially thosewith cash, that are eager to get into this markeft because they recognize that Atlanta is going to bouncr back,” said Justin Bates, with , which is marketint subdivisions and land across the Southeast on behalfg of Levitt & Sons, whose founder is known as the “father of Vintage was founded in 1992 and focused on developments in North Fulton and Forsyth counties. It owes nearlyh $12.
4 million to its creditors, including Bank of Nortnh Georgia and AlpharettaCommunity Bank, accordinv to a bankruptcy filing made June 16 in the for the Northerb District of Georgia. Atlanta Business Chronicle reportedr June 19 that Bank of North Georgia was auctionin g as muchas $100 million in distressed propertiesa by the end of June — one of the largest local sales since the real estate crisis begah in 2007. Vintage owes its parenrt company, ABG Development LLC of Alpharetta, $1 million, the amounr of a loan that was intended to keep Vintage according tothe filing.
It owes about $334,000 to Builderas FirstSource, an Atlanta supplier of windowdsand doors, and almost $304,0090 to Jasper Lumber Co. of Kennesaw. John of John J. McManux & Associates in Tucker, is the bankruptcy attorney for the The historic real estate collapse has claimed both large and smallo home builders across theUnitedr States. In Atlanta, that list includes Homes By KenButera Inc. of Quantum Homes Inc.
of Atlanta and Creativ Customs LLC ofStone
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