Pembroke Pines Medical Office

Non-Performing Loan Acquisition Converted to Fee Title Ownership
Capital Partner: Institutional Opportunity Fund
Acquisition Date: October 2011
Seller: Special Servicer

OPC sourced the opportunity and reached out to a strong regional office owner/operator to jointly serve as the JV asset manager and acquire a non-performing office loan secured by a 100,000 sf medical office building located in Pembroke Pines (Ft. Lauderdale), Florida. The joint venture arranged the purchase of the non-performing loan with an institutional opportunity fund and recovered title to the asset within 3 months. The partnership has completed a $600,000 renovation to upgrade the Properties exterior, interior, roof and parking lot to capitalize on its excellent location, proximity to two major hospitals as well as four major state freeways (the Florida Turnpike, I-95, I-75 and Highway 595).


The Inn at Key West - Resort

Fee Title Acquisition
Capital Partner: Institutional Opportunity Fund
Acquisition Date: October 2007
Seller: Owner

OPC acquired The Inn at Key West in partnership with an institutional opportunity fund in 2007. The Inn At Key West is a 106 room tropical Tommy Bahama boutique hotel with the largest and most lushly-landscaped pool on the island in addition to an inviting tiki bar and café and a fitness center overlooking the Gulf of Mexico.  The partnership has capitalized on the unique characteristics of the Key West hospitality market, a truly supply-constrained market.  When compared to the Top 50 hotel markets in the U.S., Key West ranks second in ADR and RevPAR, behind only New York and third in occupancy, behind only New York and Oahu. The Inn at Key West consistently out performs its competitive set, including annual occupancy close to 90%.

www.innatkeywest.com


Pasadena Ground Floor Retail Property
at Lake and Cordova

Non-Performing Loan Acquisition Converted to Fee Ownership
Capital Partner: Institutional Opportunity Fund
Acquisition Date: June 2012
Seller: Special Servicer
Date Realized: March 2014 (22 mos.)
Investment Unlevered IRR: 48.7%
Investment Multiple: 1.96x

OPC sourced and formed a joint venture with a local retail owner/operator and a capital provider to acquire a non-performing retail loan secured by a 20,000 sf ground floor retail property located at the hard corner of S. Lake and Cordova, a heavily trafficked intersection within an affluent residential community in Pasadena, California.  The partnership took title of the asset in 21 days and has completed cosmetic improvements, installed automated parking equipment, extended existing tenant leases and is leasing up the remaining vacant space. And sold the Property 22 months after acquisition at a 2x equity multiple.


Anchored Grocery Neighborhood Center
Fountain Hills (Scottsdale)

Performing Loan Acquisition
Capital Partner: Institutional Opportunity Fund
Acquisition Date: March 2012
Seller: Bank
Date Realized: October 2013 (20 mos.)
Investment Unlevered IRR: 22.4%
Investment Multiple: 1.35x

OPC sourced and formed a joint venture with a local retail owner/operator and capital partner to acquire a $19.0 million performing loan, secured by a newly renovated, well-occupied grocery anchored retail property located in Fountain Hills, adjacent to Scottsdale, AZ.  The property is located in an affluent submarket with attractive demographics. The loan was well secured and provided a non-leveraged, high-yield return. The Borrower sold the Property in 19 months after acquisition and the JV was paid off at par.

Pembroke Pines Medical Office

Non-Performing Loan Acquisition Converted to Fee Title Ownership
Capital Partner: Institutional Opportunity Fund
Acquisition Date: October 2011
Seller: Special Servicer

OPC sourced the opportunity and reached out to a strong regional office owner/operator to jointly serve as the JV asset manager and acquire a non-performing office loan secured by a 100,000 sf medical office building located in Pembroke Pines (Ft. Lauderdale), Florida. The joint venture arranged the purchase of the non-performing loan with an institutional opportunity fund and recovered title to the asset within 3 months. The partnership has completed a $600,000 renovation to upgrade the Properties exterior, interior, roof and parking lot to capitalize on its excellent location, proximity to two major hospitals as well as four major state freeways (the Florida Turnpike, I-95, I-75 and Highway 595).


The Inn at Key West - Resort

Fee Title Acquisition
Capital Partner: Institutional Opportunity Fund
Acquisition Date: October 2007
Seller: Owner

OPC acquired The Inn at Key West in partnership with an institutional opportunity fund in 2007. The Inn At Key West is a 106 room tropical Tommy Bahama boutique hotel with the largest and most lushly-landscaped pool on the island in addition to an inviting tiki bar and café and a fitness center overlooking the Gulf of Mexico.  The partnership has capitalized on the unique characteristics of the Key West hospitality market, a truly supply-constrained market.  When compared to the Top 50 hotel markets in the U.S., Key West ranks second in ADR and RevPAR, behind only New York and third in occupancy, behind only New York and Oahu. The Inn at Key West consistently out performs its competitive set, including annual occupancy close to 90%.

www.innatkeywest.com


Pasadena Ground Floor Retail Property
at Lake and Cordova

Non-Performing Loan Acquisition Converted to Fee Ownership
Capital Partner: Institutional Opportunity Fund
Acquisition Date: June 2012
Seller: Special Servicer
Date Realized: March 2014 (22 mos.)
Investment Unlevered IRR: 48.7%
Investment Multiple: 1.96x

OPC sourced and formed a joint venture with a local retail owner/operator and a capital provider to acquire a non-performing retail loan secured by a 20,000 sf ground floor retail property located at the hard corner of S. Lake and Cordova, a heavily trafficked intersection within an affluent residential community in Pasadena, California.  The partnership took title of the asset in 21 days and has completed cosmetic improvements, installed automated parking equipment, extended existing tenant leases and is leasing up the remaining vacant space. And sold the Property 22 months after acquisition at a 2x equity multiple.


Anchored Grocery Neighborhood Center
Fountain Hills (Scottsdale)

Performing Loan Acquisition
Capital Partner: Institutional Opportunity Fund
Acquisition Date: March 2012
Seller: Bank
Date Realized: October 2013 (20 mos.)
Investment Unlevered IRR: 22.4%
Investment Multiple: 1.35x

OPC sourced and formed a joint venture with a local retail owner/operator and capital partner to acquire a $19.0 million performing loan, secured by a newly renovated, well-occupied grocery anchored retail property located in Fountain Hills, adjacent to Scottsdale, AZ.  The property is located in an affluent submarket with attractive demographics. The loan was well secured and provided a non-leveraged, high-yield return. The Borrower sold the Property in 19 months after acquisition and the JV was paid off at par.