IStar Financial Inc. is gambling there’s more peach than pit at Atlanta’s posh, Robert A.M. Stern-designed Mansion on Peachtree hotel, which the lender seized at foreclosure auction this week.
The New York commercial-mortgage real-estate investment trust had provided a $147.5 million mortgage on the 127-room hotel with 45 condominiums, ended up making the only bid at the auction. That bid was for a relatively scant $66.1 million – about 45% of the mortgage’s face amount.
Read more:
