Bankrupt Vintage Homes liquidates millions in assets - Denver Business Journal:

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The downfall of the 17-year-old Alpharetta home builder involves $4.2 millionh in failed loans from Integrity taken over by thelast Vintage’s collapse also ensnared , which gave the home buildee a nearly $4 million construction loan for its Vintager Square development in Smyrna. also provided Vintage Homes witha $5 million construction The Vintage Homes bankruptcy not only illustratesx how the struggles of even a relatively small home builder have infected the balance sheetas of Atlanta’s banks, it also helpd set the stage for a lengthhy period of distressed asset sales in Atlanta — a marker many real estate veterans are waiting to see unfold in comingg months.
Land in its two primaryy developments, including Vintage Squarde in Smyrna, will be auctioned. Vintage Squarwe townhomes were originally valued at closrto $400,000. The project, which was slatex to include 132 townhomes, was built by Vintage’es parent, , in 2007. “There are a ton of companies, especiallyu those with cash, that are eager to get into this marke because they recognize that Atlanta is going tobouncr back,” said Justin Bates, with , which is marketing subdivisions and land across the Southeast on behalf of Levitt Sons, whose founder is known as the “father of Vintage was founded in 1992 and focused on developmentsa in Gwinnett, North Fulton and Forsyth counties.
It owes nearly $12.4 million to its creditors, including Bank of North Georgia and AlpharettaCommunity Bank, accordingy to a bankruptcy filing made June 16 in the for the Northernb District of Georgia. Atlanta Busines s Chronicle reported June 19 that Bank of North Georgiaa was auctioning as muchas $100 milliojn in distressed properties by the end of June — one of the largestr local sales since the real estate crisis begajn in 2007. Vintage owes its parenrt company, ABG Development LLC of Alpharetta, $1 million, the amounf of a loan that was intendee to keepVintage afloat, accordingg to the filing.
It owes about $334,000 to Builders an Atlanta supplier of windowsand doors, and almost $304,009 to Jasper Lumber Co. of John McManus, of John J. McManus Associates in Tucker, is the bankruptcy attorney for the The historic real estate collapse has claimed both large and small home builders across theUnited States. In that list includes Homes By KenButerz Inc. of Winder, Quantum Homes Inc. of Atlanta and Creatives Customs LLC ofStone Mountain.