The Peach apartment building overlooking Atlanta's Downtown Connector has been seized by its lender.
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Fannie Mae foreclosed on the 68-unit tower, best known for its peach sculpture crowning the roof and its billboard overlooking the highway, on April 7, according to documents filed with the Georgia Superior Court Clerks' Cooperative Authority database.
The lender issued a foreclosure notice last month scheduling an auction for that date. Fannie Mae was the winning bidder, purchasing the building for $24.6M, according to the tax document filed with the GSCCCA.
Fannie Mae held the loan that the previous owner of The Peach building, Peach Hospitality of Georgia LLC, defaulted on years before it was set to mature on March 1, 2029. Fannie Mae pressed forward on foreclosure due to the “borrower’s failure to comply with the terms and provisions of the loan documents,” according to a deed indenture signed by Fannie Vice President of Loss Mitigation Roy Miller.
A week after the auction, Fannie Mae transferred the title of the apartments at 1655 Peachtree St. to 532 Title Way, an LLC tied to Atlanta-based commercial loan servicer Trimont LLC.
Fannie Mae and Trimont didn't respond to Bisnow's requests for comment.
Samuel Lloyd, the owner of Peach Hospitality, took out a $23.2M loan in February 2024 with Lument Real Estate Capital, which assigned the debt to Fannie Mae, according to the foreclosure notice.
The 12-story, circa-1960s The Peach building, at the edge of Midtown and Buckhead, was originally designed to be an office property. But it sat vacant for decades before Lloyd bought it in 2016 for $8.5M, eventually turning it into apartments.
But by January 2025, joint venture investors sued the developer for breach of fiduciary duty, accusing Lloyd of refinancing the original loan without notifying the investors and allegedly falsifying leases to pump up the asset’s value to gain refinancing, Bisnow previously reported.
Lloyd denied those charges, and the lawsuit was voluntarily dismissed in September.
Weinberg, Wheeler, Hudgins, Gunn & Dial partner William Buhay, Lloyd’s attorney in the investor lawsuit, didn't return messages seeking comment.
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