News
RUBENSTEIN LOSES THE TERRACES
November 14, 2012
| Rubenstein Partners has lost control of its embattled Terraces office project in Dunwoody. | ||
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| Despite numerous recent leasing successes, Rubenstein Partners was unable to renegotiate the loan on the two-building, 1M SF property off Ashford Dunwoody Road. Last Tuesday, RBS foreclosed on the property at the DeKalb County courthouse, says Holt Ney Zatcoff & Wasserman's partner Sanford Zatcoff. In turn, Avalon Acquisitions, affiliate of RBS, picked up the building for $140M, Sanford says. That's nearly a $30M discount from the $169M loan that was foreclosed, according to Databank. The latest development comes on the heels of Rubenstein yanking the properties off the market in August in an attempt to sell them after a string of leasing successes, including the HQs of Popeyes, Ventyx and Elekta. Rubenstein Partners and RBS did not return calls seeking comment as of press time. | ||
