ATLANTA-Waterton Residential, a Chicago-based multi-family company focusing on the acquisition and management of apartment buildings throughout the US, has purchased Uptown Square, a 363-unit apartment complex in Atlanta.
Originally developed by a joint venture between the Atlanta-based Lane Company, which owns and manages apartment developments, and the Dawson Company, an Atlanta apartment developer, the two were unable to refinance their construction loan after they finished the project, thereby falling into a maturity default.
At the end of 2009, Waterton purchased the note from the lender, Birmingham, Alabama-based Regions Bank and then, more recently, negotiated a friendly foreclosure with the developers. The original note was for $33.5 million, says Max Peek, vice president of acquisitions at Waterton.
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