Thursday, October 29, 2009

Relapse Theatre avoids the boot

Posted By on Thu, Oct 29, 2009 at 8:05 PM

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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