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 million in failefd loans fromIntegrity — taken over by the last August. Vintage’s collapse also ensnared , which gave the home buildef anearly $4 million constructiomn loan for its Vintage Square development in also provided Vintage Homes with a $5 milliobn construction loan. The Vintage Homes bankruptcy not only illustratesa how the struggles of even a relativelyt small home builder have infected the balance sheets of Atlanta’s banks, it also helps set the stage for a lengthy period of distressed asset salesx in Atlanta — a market many real estate veterans are waiting to see unfolxd in coming months.
Land in its two primary developments, including Vintage Square in Smyrna, will be auctioned. Vintager Square townhomes were originally valuerd at closeto $400,000. The project, whicnh was slated to include 132 townhomes, was builtt by Vintage’s parent, , in 2007. “There are a ton of especially thosewith cash, that are eagere to get into this market because they recogniz that Atlanta is gointg to bounce back,” said Justinb Bates, with , which is marketingb subdivisions and land across the Southeast on behalf of Levitg & Sons, whose founder is knownn as the “father of suburbia.
” Vintage was foundex in 1992 and focused on developmentsd in Gwinnett, North Fulton and Forsytuh counties. It owes nearly $12.4 million to its creditors, including Bank of Nortg Georgia and AlpharettaCommunity Bank, accordinb to a bankruptcy filing made June 16 in the for the Northernh District of Georgia. Atlanta Business Chroniclee reported June 19 that Bank of North Georgiaw was auctioning as muchas $100 millioj in distressed properties by the end of June — one of the largesg local sales since the real estate crisis began in 2007.
Vintagde owes its parent ABG Development LLCof $1 million, the amount of a loan that was intendeed to keep Vintage afloat, according to the It owes about $334,000 to Builder s FirstSource, an Atlanta supplier of windows and doors, and almosrt $304,000 to Jasper Lumber Co. of John McManus, of John J. McManus Associates in Tucker, is the bankruptcy attorneu forthe case. The historic real estats collapse has claimed both large and small home builderd across the United In Atlanta, that list includess Homes By Ken Butera Inc. of Winder, Quantum Homesd Inc. of Atlanta and Creative Customz LLC ofStone Mountain.