The News

Dear Homeowners,

We continue to work diligently to close all contracts in the SOBU assemblage by the stipulated closing date. It's been a very challenging several months, as we discussed in our previous post. The constantly changing realities of funding, private equity, the residential and commercial market and the general economy has created an environment that required our focused attention. We wanted to pause briefly, however, to update you on the present status of the assemblage.

The Status of Financing

Cartel continues to discuss various aspects of the development with a variety of potential funders. Potential retailers coming to the table and letters of intent do not mean financing is in place. However, the fact that meetings continue and interest increases is an excellent sign of interest in the property location.

Our efforts continue to bring people to the table who can bring this deal to fruition and make it happen. We work with all the players involved with our focus on closing on all units in Sobu Flats as planned.

Good Signs in the Neighborhood

The Streets of Buckhead continues to make progress. Many developers and equity partners have been wondering about the progress on this project, and the lack of information has been creating uncertainty and anxiety in the commercial market in the area. Today there were several articles discussing progress on this project that are good news. If you go to the following link, you can learn about work beginning again on this project in September!

Next Steps

Cartel Properties and the Sobu Assemblage team are in daily communication to monitor and evaluate the changes in confidence and funding streams. We want to thank any and all homeowners for your continued support as we work to fulfill the goals of this ongoing effort.

We are aware that the time frame to accomplish this project is fast approaching. You need to know that we have extended our efforts to 150% to try and assure success. In that effort, Peggy Palmiter, Ph.D. will be assisting the Sobu assemblage team. You will be hearing from us again very shortly, and we will try to keep you posted regularly as the time frame becomes shorter.

If you have any questions, you call Josh at 404-547-3622.

Here is a link for the professional photos of the Sobu building and surrounding areas taken for an interested boutique hotel group.