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Thursday, October 29, 2009

Relapse Theatre avoids the boot

The Atlanta Business Chronicle reports that theater owner Bob Wood bought the building from Inman Park Properties founder Jeff Notrica for upwards of $2.8 million. According to the article, Notrica (yes, the same Notrica that owns the embattled, beer-crushing Clermont) was facing foreclosure and the pair's deal had been in the works since April. A foreclosure would have forced the theater out of its 14th Street home.

The loan secured by the building was scheduled for foreclosure this month, according to a foreclosure auction notice. The value of the loan was $2.8 million, but Wood says "I paid more for the building than that."..."It saved him from foreclosure," Wood said. "He's been a great guy to us. We wanted to help."

Read more from CL's Scott Henry about "Inman Park Properties' implosion."

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