Intown condo values resetting? (Atlanta, Buckhead: foreclosure, loan, luxury)

[wisemage]

Atlanta Business Chronicle: Intown condo values resetting?

Starwood Capital Group has foreclosed on The Brookwood, a 20-story luxury
condo tower on Peachtree Street in Buckhead.
Starwood foreclosed on the $109 million loan secured by the building at a
foreclosure auction Jan. 5, according to Databank Inc.
Starwood is believed to have purchased the note

for at least 35 to 40 percent of the original value of the loan, which was
originated by the failed Corus Bank of Chicago.
Atlanta Business Chronicle reporter Scott Trubey wrote last October that
Starwood Capital Group’s winning bid for the assets of Corus Bank could
create a steep drop in condo prices as the condo towers are foreclosed upon
and repurchased.
The Brookwood foreclosure is evidence that a reset in condo values could be
under way.
The Brookwood was developed by Regent Partners LLC and Urban Realty
Partners.

[ericsonga]

//www.city-data.com/forum/atlan...resetting.html

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