| John Dewberry's first major office development in Midtown may have just been saved from foreclosure. |
| This morning, we took a stroll along Peachtree Street to snap One Peachtree Pointe. According to data from Trepp, Dewberry Capital has come to an agreement with the Class A building's special servicer with a new undisclosed discounted payoff amount (DPO) after the developer made an undisclosed deposit toward the loan. Now, the new DPO agreement must close by Dec. 6 or One Peachtree Pointe will be advertised for foreclosure the very next day, according to Trepp documents. Officials with Dewberry declined to comment, but John Dewberry previously told an audience atBisnow's ?How Goes Midtown?? event in October that his firm was ?working something out? on the One Peachtree Pointe loan. The project—secured by a loan with $24.8M left on its balance prior to this current agreement—has certainly performed well in the past, generating $3M in revenue and nearly $2M in expenses for the first nine months of 2009. But One Peachtree Pointe's formerly largest tenant—law firm Seyfarth Shaw—vacated the space at the end of its term and moved to Daniel Corp's 12th and Midtown project. |
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