The future of the Landmark Hotel is becoming bleaker by the minute.
On Friday, The Atlanta Journal-Constitution reported that Atlanta-based Silverton Bank, which is financing the Downtown Mall construction project, failed and shut down.
According to the newspaper, Silverton Bank made loans to other banks and provided check processing services. Silverton’s failure will cost taxpayers $1.3 billion.
And what does this mean for the Landmark Hotel?
Specialty Finance Group (SFG), a subsidiary of Silverton Bank, lent owner Halsey Minor $23.7 million for hotel construction . The bank had financial issues in the past, but this time around, the FDIC has already established a new institution, Silverton Bridge Bank that will offer the some lending and transaction services as the now defunct Silverton Bank.
For a timeline of the Landmark Hotel, click here.
