Post sticks with Ritz negotiations
The Ritz Carlton Residences in Buckhead remain off the market as Post Properties executives continue to negotiate with its lenders.
After a first-quarter call to investors, Post chief executive Dave Stockert said the company is “working as fast as it can to reach agreeable terms” with lenders on the Ritz project.
Atlanta-based Post, one of the country’s largest developers and operators of multifamily communities, reported a $3 million net loss, or 6 cents a share, for the first quarter, compared to a $413,000 net gain, or 1 cent a share, during the same period last year.
Post ended 2009 with a net loss of $10.9 million and a loss per share of 24 cents, compared with a net loss of $16.3 million and a loss per share of 37 cents in 2008.
During the call, Stockert made mention of the Ritz project but made no prediction on when a pricing agreement might be reached.
This is the third consecutive quarter Post indicated it is negotiating with the lender about unit pricing.
“We’re hoping to offer these homes at a price that will reflect today’s market,” he said later. “That’s what we’re trying to do for the buyer, and it is not a quick process.”
