This 28,000 sf office property was under a $13.2 million note and mortgage with the original developer before the property was foreclosed upon. A principal of TRG worked with the developer to negotiate the loan acquisition from Bank of America for $5.75 million.
We acquired the note and mortgage and successfully navigated the court process to obtain the property’s deed. We then created a single purpose entity and operating agreement for the developer and transferred the deed back to them. This strategic move eliminated any debt forgiveness tax issues for our clients.