Search
 

JLL Hotels' Fannie Mae Challenge

ATLANTA-'The problem with selling the condominiums is that Fannie Mae views any condominium which shares services with a hotel as a condo-hotel.'

By Hortense Leon | Updated on May 18, 2010

ATLANTA-Although Jones Lang LaSalle Hotels has been hired by Chicago-based Capri Capital Partners as the asset manager for the W Atlanta Hotel & Residences, the company doesn’t have any plans to make changes in how the property operates, says Justin Epps, vice president, Jones Lang LaSalle Hotels. Instead, it is charged with looking at the strategic, long-term picture for the property.

In addition, says Martin G. Alston, Capri Capital Partners’ chief administrative officer, “We retained Jones Lang LaSalle to assist in the transition from the Barry Real Estate Co. to Capri.” In April, Capri, as manager of a co-mingled fund of institutional investors, assumed primary ownership of the 28-story, mixed-use hotel and condo property when they converted their mezzanine loan into an equity interest. The Barry Real Estate Companies developed the W Atlanta Hotel & Residences.

“We are doing an initial assessment of (the W), including the 75 condominiums associated with it,” says Epps. “To date, only one of the condominiums has sold, but we will be working with the current brokerage firm, Atlanta Fine Homes, to get those condos back on track.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.