The Boston Business Journal reported that another W condo project is going into foreclosure:
The New York private equity firm with the servicing rights for the W Atlanta-Downtown hotel and condo tower is moving ahead with foreclosure on the property.
The high-profile hotel and condo is a key piece of Allen Plaza near Centennial Park. The downtown W Hotel and condos could be foreclosed upon as early as Sept. 7, according to a foreclosure auction notice published Aug. 12 in the Daily Report, the legal organ for Fulton County.
Specialty Finance Group originated an $85 million loan to help develop the W Atlanta-Downtown hotel and residences, a project that started in 2006 and whose revenues and condo sales have been undercut by the recession and slow recovery.