ATLANTA, GA-BB&T has filed a lawsuit against Isakson-Living Inc., which failed to repay its $30.5 million debt on its proposed senior living project called Peachtree Hills Place in Buckhead. Legal firm Greenberg Traurig LLP is representing the bank in the lawsuit.
In 2005, Isakson Living introduced the $200 million project with loan from Colonial Bank. However, the housing crumple and credit crisis affected the 274-unit development. BB&T acquired failed Colonial Bank through a loss-share deal with the Federal Deposit Insurance Corp. For the full story, go to Triangle Business Journal .
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