Foreclosures, Real Estate

Eon tries to fend off foreclosure

From Globest.com:

The developer of Eon at Lindbergh condominiums is hoping to negotiate a loan restructuring with its lenders prior to a planned foreclosure auction July 7 at the Fulton County Courthouse. The Harold A. Dawson Co., which has been working on the overall Lindbergh City Center project for the past decade, says its offer to put more money into the development was rejected.

The 352-unit Eon segment, which occupies 3.5 acres of the total 47-acre mixed-use project between Midtown and Buckhead, is tied to MARTA’s Lindbergh Station. Construction on the five-story, $70-million condo project began nearly three years ago.

Eon at Lindburgh was one of the first condos developments to offer steep discounting and multiple months of free mortgage to purchasers. In a market that’s now over-saturated with discounting, upgrades, autctions, and rental conversions, it’s not surprising to see condo projects end up on the steps. Odds are, it won;t be the last.

Processes OF Pre-Foreclosure, originally uploaded by peternamara1.

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