By thinking WAY outside the box before, during and after the deal, we developed and executed a multi-pronged strategy to take Waterfall at Lake Burton from the very, very red to the black in one year.
Waterfall at Lake Burton is a beautiful, prestigious golf community with a not-so-beautiful track record when it came to solvency. The original developer filed for bankruptcy in 2009. The project was acquired in 2010 by a well-capitalized, high profile investor, yet continued to struggle eventually falling into receivership in 2012.
The bank marketed the loan and struggled to secure a purchaser. Part of the challenge was that the one loan included all the collateral – residential lots, the golf course, lodge, athletic club and a water/sewer plant– and most investors were not interested in acquiring all of the assets.
But we had a vision. More importantly, we had a plan; a real, concrete, well-thought-out, creative, strategic plan.
Glenfield Capital purchased the nonperforming loan in December 2012 and navigated through the foreclosure process. Then, we separated the assets into four distinct elements.
Having successfully negotiated a very attractive price for the remaining lots enabled us to take a unique and highly non-traditional approach to moving them quickly – via a highly promoted on site event sale. Despite the prior owners’ inability to sell a single lot in three years, our creative approach enabled us to sell ALL 79 of the remaining lots in a year.