Isakson Living recently reached an agreement with Colonial Bank, now BB&T, to acquire the bank’s equity interest in Peachtree Hills Place, Isakson Living’s soon to be constructed 274-unit Atlanta senior living community that offers the full continuum of care. Isakson renewed the financing on Peachtree Hills place by contributing $8.5 million in additional equity to pay our existing loan down in the amount of $2 million, posted a deposit for the next year’s interest reserve and set aside $4.9 million for sufficient operating funds for the project. Peachtree Hills Place is currently over 50 percent pre-sold and Isakson reports that 35 more sales are targeted before starting construction later this year.
"Colonial is a good bank operating in a tough environment," reported Isakson Living President Andy Isakson prior to the take over by BB&T. "The acquisition allows Colonial to focus on its core banking business and allows Isakson Living to move ahead with our development plans."