The W Downtown Atlanta Hotel & Residences is scheduled to go into foreclosure as early as September 7th according to a Georgia Public Notice filing on August 12th. Since it opened, the W has had it’s fair share of troubles, including a complete absence of condo sales. They sold one penthouse unit upon opening, then nothing. After some time, they “dramatically” reduced their pricing, but even that failed to capture buyers. The condominiums are beautiful and designed to perfection. Perhaps the modern aesthetic doesn’t appeal to Atlanta buyers? In this market, it’s all about price, price, price. Could be we seeing another condo auction sometime in the future? I’ll keep you posted. If you are curious about the foreclosure notice, take a look after the break.
NOTICE OF SALE UNDER POWER
STATE OF GEORGIA, COUNTY OF FULTON
Under and by virtue of the power of sale contained in that certain Leasehold Deed to Secure Debt, Assignment of Leases and Rents and Security Agreement from45 Allen Plaza Development, LLC,a Delaware limited liability company (the “Grantor”) to and in favor of Specialty Finance Group LLC (“SFG”) dated April 10, 2008, filed for record April 11, 2008, and recorded in Deed Book 46597, Page 1, Fulton County, Georgia records, as amended by that certain First Amendment to Leasehold Deed to Secure Debt, Assignment of Leases and Rents and Security Agreement, dated February 24, 2009, filed for record February 25, 2009, and recorded in Deed Book 47633, Page 508, aforesaid records, as assigned by SFG to the Federal Deposit Insurance Corporation (“FDIC”), as Receiver for Silverton Bank, N.A. by that certain Instrument dated May 18, 2010, filed for record June 9, 2010 and recorded in Deed Book 49090, Page 343, aforesaid records, as further transferred and assigned by FDIC to 2010-1 SFG Venture LLC (“SFG Venture”) by that certain instrument dated May 18, 2010, filed for record June 9, 2010 and recorded in Deed Book 49090, Page 365, aforesaid records, as further transferred and assigned by SFG Venture to Downtown Atlanta Hotel LLC (“Holder”) by that certain instrument dated August 3, 2010, and recorded in the public records of Fulton County, Georgia (as amended and assigned, the Leasehold Deed to Secure Debt, Assignment of Leases and Rents and Security Agreement is hereinafter referred to as the “Security Deed”); which Security Deed secures i) that certain Promissory Note – Tranche A , dated April 10, 2008, payable by Grantor to SFG in the original principal sum of EIGHTY-FIVE MILLION AND 00/100 DOLLARS ($85,000,000.00), ii) that certain Promissory Note – Tranche B dated April 10, 2008, payable by Grantor to SFG in the original principal sum of TWELVE MILLION AND NO/100 DOLLARS ($12,000,000.00) (collectively, the “Notes”) and (iii) the obligations of Grantor under that certain Construction Loan Agreement by and between Grantor and SFG dated as of April 10, 2008 (the “Loan Agreement”), all as now held by Holder; there will be sold at public outcry by Holder as attorney-in-fact of Grantor to the highest bidder for cash between the legal hours for sale before the Courthouse door in Fulton County, Georgia, onthe first Tuesday in September, 2010,the following described land, improvements and appurtenances (hereinafter collectively referred to as the “Premises”) to wit: