The 352-unit Eon segment, which occupies 3.5 acres of the total47-acre mixed-use project between Midtown and Buckhead, is tied toMARTA's Lindbergh Station. Construction on the five-story,$70-million condo project began nearly three years ago.

"Success in the real estate market is largely based on timing.Unfortunately, our timing with the Eon development in partnershipwith MARTA was not perfect," Harold Dawson Jr., the company'spresident and CEO, tells

The project's lenders, JP Morgan Chase and Regions Bank, claimin their foreclosure notice that Dawson Co. defaulted on a$56.3-million loan. Efforts to reach appropriate contacts with bothbanks were unsuccessful Monday.

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