BB&T / PARCEL

A non-performing loan which consists of two notes, secured by a BB&T Bank ground lease and a vacant land parcel in Homestead, Florida, was acquired in December 2011. The non-performing loan was successfully restructured with the borrower. As part of the restructured deal, the borrower had an option to purchase the loan after one year. The borrower chose to exercise their option and purchased the loan just over one year from the original purchase date of the loan.

Address
3055 NE 8th Street Homestead, FL
Property Type
Ground Lease and Vacant Parcel
Eastern Parcel
BB&T Bank Ground Lease
Year Built
2008
Lease Term
10 Years / 4-5 Year Options
Acres
1.20
Western Parcel
Vacant Parcel
Acres
1.29
Zones
PUD (Planned Unit Development)
Acquisition Type
Senior Note
Acquisition Date
December 2011
Disposition Date
December 2012

We are diversified throughout the United States