Luxury condo tower scheduled for foreclosure
The Atlanta Journal-Constitution
Another big condo tower, the new 20-story Mezzo Atlanta between Midtown and Buckhead, is being advertised for foreclosure and scheduled for auction April 6.
The luxury highrise was developed by Atlanta-based Tivoli Properties, a developer of high-rise condominiums, apartments and hotels including Aqua Midtown in Atlanta and the Mandarin Oriental.
Mezzo, built in 2008 as a condo at 2171 Peachtree St. between Midtown and Buckhead, has been converted to rental apartments. Units range from $2,295 a month for a two-bedroom to $5,495 a month for a penthouse.
Mezzo is scheduled to be sold at auction on the steps of the Fulton County Courthouse. The amount of the loan is $36 million, according to Databank Atlanta.
Tivoli did not return calls for comment.
The loan was held by Chicago-based Corus Bank, which was taken over by federal regulators last September, one of many banks across the nation to fail because of deterioriating construction and commercial real estate loans.
In January, a notice of foreclosure was filed for another Tivoli property at 1138 Peachtree St., a less than one-acre parcel on which Tivoli President and Chief Executive Officer Scott Leventhal proposed building a 53-story mixed-use building, featuring a high-end Mandarin hotel and 71 condos costing $1.8 million and up.
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