ATLANTA-The next steps. That’s what BentleyForbes is working with special servicer LNR to determine in the wake of an imminent default. Two days after Fitch Ratings issued a report chronicling the woes of Atlanta’s tallest building, the 55-story Bank of America Plaza, the owner is looking for a way of escape.
“BentleyForbes requested the loan for Bank of America Plaza in Atlanta to be moved to special servicing to begin the process of reviewing options on the underlying capital structure,” says Tony Manos, COO of BentleyForbes. BentleyForbes is one of the nation’s largest privately-held commercial real estate investment companies.
Payments on the building’s $363-million loan are up to date, Manos says, but when Bank of America gave back half its space and cut its lease rate in half the tower’s owners reached a troubling tipping point. BentleyForbes purchased the tower at the height of the market for $438 million.
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