Bill Matt was developing the property into Tremont Towers, an upscale residential condominium development, but couldn't complete the project. Sources tell GlobeSt.com that there was some interest in the units, but the developer couldn't get the project off the ground or close any deals.
Lehman Bros. started to foreclose on the property and the borrower sought bankruptcy court protection to stop the foreclosure. Eventually Lehman asked the bankruptcy court to sell the property to pay off the creditors and called in Radco to take a look at it. Radco and Lehman financed the acquisition together and Radco is the lead developer of the project.
"This is their specialty," a spokesperson for Radco says, referring to Radco's focus on turning around challenging properties. She notes that the company recently redeveloped The Grand, a 53-story mixed-use development in Atlanta, which included hotel, offices and residential units. The hotel became the Four Seasons Hotel Atlanta.
Norman Radow, president of Radco, tells GlobeSt.com that there will be additional funds used for redevelopment of the building, a figure he says he could not specify but will run into the "many, many millions. We will do what it takes to make the building incredible," he adds.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
