Capri Capital Partners, LLC and Barry Real Estate Companies Inc. have reached an agreement regarding an outstanding loan on the W Atlanta Hotel & Residences in downtown Atlanta.
The mezzanine loan, held by Capri, has been converted into an equity interest in the building, according to a press release from Capri, which is based in Chicago.
“Under the new agreement, Capri assumes the primary ownership interest of the 28-story mixed-use hotel and condo property that opened in 2009,” the release said. Barry will have active involvement in parts of the project.
“We are very pleased with the successful restructuring, solidifying the ownership of the property and avoiding a foreclosure sale,” said Martin G. Alston, Capri Partner and chief administrative officer, in the news release. “Capri looks forward to working with Barry to realize the full value of this first-class downtown property.”
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