The first mortgage on Alta Surf was acquired in April 2009. Alta Surf was built in 2007 and consists of a 216-unit Class “A” apartment complex located in Myrtle Beach, South Carolina. A deed-in-lieu of foreclosure was negotiated with the borrower immediately after closing. The property was refinanced with Freddie Mac approximately 5 months after obtaining the deed. The property was sold in December 2012.