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Condo Developer Hopes to Stave Off Auction

ATLANTA-The builder of Eon at Lindbergh is trying to restructure a $56-million loan.

By Carl Cronan | Updated on June 15, 2009

ATLANTA-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.

“Success in the real estate market is largely based on timing. Unfortunately, our timing with the Eon development in partnership with MARTA was not perfect,” Harold Dawson Jr., the company’s president and CEO, tells GlobeSt.com.

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