In a dramatic last-minute rescue, Tivoli Properties garnered support from an equity partner to buy the 13thStreet parcel in time to save it from a forced sale on the courthouse steps today. (There's already a movie in the works about it.)
Tivolis Scott Leventhal(who will be played by George Clooney) confirmed for us that Tivoli paid off a loan held by Ameris Bank that was scheduled for foreclosure today. Scott did not reveal his new JV partner, and he said the group paid upwards of $6M for the nearly one-acre parcel off 13thStreet near Piedmont Park. The $3M original loan was originated by Stockbridge-based High Trust Bank (also played by George Clooney), which was taken over by the FDIC in 2011. Scott went into little detail about plans for the property other than saying, The project was sold today in a joint venture for an apartment project that Im involved in. This is what was intended now for months. We reported earlier this year that Tivoli--developer of the Aqua in Midtown condo (above)--planned to build a 252-unit apartment tower at the site and could move forward by this spring.
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