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Condo Developer Faces Mounting Debt

ATLANTA-Novare is trying to restructure at least $100 million in loans on regional projects.

By Carl Cronan | Updated on July 10, 2009

ATLANTA-Locally based Novare Group Holdings LLC is in default on “a substantial amount” of its debt and is working with its lenders to restructure at least $100 million in loans for projects across the Southeast and Southwest. This comes as its auditors question the company’s “ability to continue as a going concern,” according to a report by the Atlanta Business Chronicle and other publications.

Novare faces $280 million in loan maturities this year and another $320 million in 2010. It has $713 million of debt outstanding and $81 million in debt through joint ventures, according to financial statements. The developer lost $47 million in the first quarter of this year and $61 million in 2008.

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