A commercial real estate financing firm representing investors that control a $115.3 million CMBS loan on six office towers and a shopping mall that are part of Atlanta's Peachtree Center has won the portfolio in a foreclosure auction with a credit bid of $127.5M.
Situs AMC secured the property in the auction, which was held on the steps of the Fulton County Courthouse last week. The only outside bid at the auction was a $1.5 million cash offer from a local investor, according to a report in the Atlanta Journal-Constitution (AJC).
Miami-based Banyan Street Capital failed to make a balloon payment in April and defaulted on six office towers at 225, 229, 233 and 235 Peachtree St. and an underground shopping mall known as the Hub.
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