Address: 3055 NE 8th Street
City, State: Homestead, Florida
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

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.