Metro a leader in late construction loans

Greater Atlanta is among the nation’s leaders in delinquent construction-and-land loans, according to Foresight Analytics, a research company based in Oakland, Calif.

Foresight says only five other metro areas rank higher for delinquencies on a list of 100.

Atlanta’s delinquency rate is 15.2 percent for the third-quarter, up from 13.8 percent for the second quarter, Foresight says.

From late 2005 to early 2007 delinquencies ranged from less than 1 percent to just more than 2 percent. But in the first quarter of this year, the rate hit double digits.

SCAD to buy old WXIA studios

The Savannah College of Art and Design has struck a $10.9 million lease-purchase deal for a 66,000-square-foot building at 1611 West Peachtree St., the former home of WXIA television, according to Databank.

SCAD plans to use the space to expand its film and digital media instruction. The property is less than half a mile from SCAD Atlanta on Peachtree Street.

The college put $4.3 million down and obtained a $6.6 million loan from Merrill Lynch, Databank says.

New senior VP for Cousins

Former John Wieland Homes and Neighborhoods vice president Dan Field has joined Cousins Properties as senior vice president in the development group. Fields will be in charge of residential projects.

Steve Yenser has been promoted to executive vice president, succeeding Joel Murphy, who is retiring from Cousins. Yenser will lead Cousins’ leasing and asset management functions and its third-party services business.

Also, Bruce Smith, senior vice president in the development group, is retiring effective December 31. Smith joined Cousins in 1993.

Century 21, Bullard merge

Century 21 Southern Crescent has merged with Coldwell Banker Bullard Realty organization, adding 30 Realtors to the Bullard organization. Bullard now numbers 330 agents.

Two earlier mergers with Jonesboro-based Bullard Realty involved Coldwell Banker Joe T. Lane Realty of Jonesboro and Coldwell Banker Fulton Realty Associates of Peachtree City.

TODAY’S BIG NUMBER: $4.15

in millions, the value of the foreclosed Cobb Marketfair, a shopping center on Austell Road in Marietta, that went back to the bank. LaSalle Bank, acting on behalf of Morgan Stanley, took back the 13.8-acre property. Morgan Stanley had loaned $7 million to the former owner, Marketfair Investors, headed by John Heikenfeld, who is the CEO of Remas Corp.

Source: Databank

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