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ATLANTA — The Atlanta-based developer Isakson Living has purchased Colonial Bank’s equity interest in the planned 274-unit Peachtree Hills Place senior housing complex. The property, which is more than 50 percent preleased, will be located on Peachtree Hills Avenue in Atlanta. Completion is expected next year. Isakson paid down its existing loan with Colonial Bank with $8.5 million in additional equity, set aside operating funds for the project and posted a deposit for 2010’s interest reserve. Isakson currently has 42 percent leverage on the property.