Key facts
- John Dewberry's Campanile Building in Midtown Atlanta has had its $75M mortgage resolved.
- ACORE Capital transferred the title of the 446K SF property back to a Dewberry-controlled LLC.
- The quitclaim deed was filed in February, clearing the debt encumbrance.
- Dewberry secured a new loan exceeding $59M from JPMorgan Chase, backed by other portfolio properties.
- The new loan may have been used to pay down the ACORE debt, potentially leaving a $15.6M balance.
The unfinished Campanile Building in Midtown Atlanta, owned by developer John Dewberry, has had its $75 million mortgage resolved. ACORE Capital, the lender, transferred the title of the 20-story tower back to an LLC controlled by Dewberry via a quitclaim deed filed in February. This action removes the debt encumbrance from the 446,000-square-foot property, which has been an inactive construction site for at least six years and is considered unsafe by city officials.
Dewberry acquired the tower in 2010 for $36 million and announced redevelopment plans in 2017, including replacing the facade and adding floors. However, the project faced delays, including those caused by the pandemic. In 2022, Dewberry renamed the building The Midtowne and expressed plans to add six floors and expand office and retail space. Despite his assurances of ongoing construction, local officials have expressed frustration over the lack of progress, leading to a resolution by the Atlanta City Council urging Mayor Andre Dickens to impose a blight tax.
While the ACORE loan is no longer attached, it remains unclear if Dewberry fully paid the $75 million owed. He secured a new loan exceeding $59 million in February from JPMorgan Chase, backed by a portfolio of other properties. This new financing is believed to have been used to pay down the ACORE loan, potentially leaving a $15.6 million balance. Dewberry has a history of controversy, earning the nickname "Emperor of Empty Lots" for holding onto vacant land.