Fannie Mae picked up the converted office-to-residential high-rise The Peach Atlanta in April for $24.6 million. Atlanta Business Chronicle reports that Fannie Mae has taken over the property through foreclosure and has since transferred ownership to real estate loan servicer, Trimont.
The tower traded hands multiple times and remained largely vacant throughout its more than 50-year history. Peach Hospitality was the previous owner. It last traded when Peach Hospitality acquired it in 2016 for $8.5 million.
After initiating a complete overhaul of the property in 2021, Peach Hospitality announced it had secured an initial $17.5 million proprietary bridge loan from Lument to refinance the 68-unit asset. The company said it intended to use the capital to wrap up renovations, pay off existing debt and “stabilize occupancy” within the building.
Trimont’s plans for the property are unclear.
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