Atlanta’s Downtown W Hotel is the subject of the latest high-profile distress story in the city. Capri Capital, the parent company of the mezzanine lender on the property, recently placed a foreclosure ad in the Wall Street Journal. The auction, which is being managed by Jones Lang LaSalle’s Hotel Sales Division, is listed as a UCC foreclosure auction and is scheduled for March 29th.
To complicate matters further, the senior mortgage, which was held by the recently failed Silverton Bank, is part of a loan portfolio which is scheduled to be sold off by the FDIC next month. In all likelihood, this could render Capri Capital’s mezz piece worthless.
This is only the latest of Barry Companies real estate woes, as they continue their efforts to avoid handing over a nearby land parcel which they had planned to build a 45-story office tower dubbed 50 Allen Plaza.
[...] is only the latest high-profile assets to go REO in Atlanta. Others include the W Hotel, Paces West, Mansion on Peatchtree and Tower Place [...]
[...] high profile commercial foreclosures for the city of Atlanta. Others include Barry Companies’ W Hotel at Allen Plaza, The Equitable Building, Campanile Plaza, Bank of America Plaza, Mansion on Peachtree, Tower Place [...]