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Stalled Atlanta MXD Weighs on BofA

ATLANTA-The 550,000-square-foot Streets of Buckhead is one of several stalled real estate projects the bank loaned funds to construct, say the Wall Street Journal.

By Ian Ritter | Updated on January 20, 2010

ATLANTA-The Streets of Buckhead, a 500,000-square-foot unfinished mixed-use project here, could mean a $160-million loss for Bank of America, according to a Wall Street Journal article. The bank loaned the funds to developer Ben Carter, who started the project in 2007.

Carter is now in talks to raise $200 million to complete the project, the article says. The Streets of Buckhead, a retail-hotel-condo development, is not the only such project Bank of America financed. In the third quarter, the institution wrote off $873 million in bad commercial real estate loans.

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