Developer avoids foreclosure on Manget community loan

A new development in Marietta has avoided foreclosure on a loan used to help pay for construction of the Manget community near the Marietta Square, the developer said Wednesday.

Pam Sessions, of Hedgewood Properties, said Branch Banking & Trust decided to work with her company to resolve a $4.7 million loan that is part of the funding of Manget. Manget is a development of homes that are within walking distance of the Marietta Square.

Hedgewood, an award-winning developer of mixed-use communities, has been struggling in the slow real estate market. In April, the company avoided foreclosure on a $5.7 million loan for a portion of Woodstock Downtown when that lender took back the loan on retail space and left Hedgewood in charge of the project.