One Man’s Pain, Is Another Man’s Gain! Well, Maybe…

Posted By on February 7, 2012

Bank of America Plaza, the tallest tower in the U.S. Southeast, was sold at a public auction today on the steps of the Fulton County Courthouse after landlord BentleyForbes missed its mortgage payments.  It was purchased for $436 million back in 2006, but off she goes for $235 million here in 2012. 

The noteholder had a winning bid of $235 million, according to attorney Howard Walker of McGuire Woods LLP, who ran the auction. Holders of commercial mortgage bonds took ownership through a “credit bid” placed by LNR Partners, David Levin said in an e-mailed statement. Levin is vice chairman of Miami Beach, Florida-based LNR Property LLC, the parent company of LNR Partners, the tower’s special servicer.

BentleyForbes,  paid $436 million to acquire the 55-story Atlanta skyscraper in 2006 from Bank of America Corp. and Cousins Properties Inc.

www.bloomberg.com

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