According to WABE, an NPR station, the loan taken out by Novare Group on the Biltmore on West Peachtree Street is now in “special servicing.”
Nedra Collins, a student in the Goizueta EMBA program and asset manager at TriMont Real Estate Advisors, says the loan could be in trouble.
“Either you can get the loan back performing or, if that can’t happen, then it’s your job as the special to work on behalf of the trust to maximize recovery as much as possible,” Collins told WABE.
Next steps, according to Collins, would be reworking the loan or — perhaps — foreclosure.
“It’s a great property,” Roy Black, director of the real estate program at Goizueta told the station. “It just needs someone to step in and put some money into it. However, in this particular market, that’s probably not going to happen.”