Widmer Shoppes Project Details
VRE purchased an $8.5 million loan from a bank, at a significant discount, secured by a retail center that was operating under a confirmed bankruptcy plan. The collateral property was located in a strong retail submarket, but was underperforming. VRE worked with the borrower through multiple issues, including the advance of additional funds for tenant improvements and brokerage commissions to improve property occupancy from 74% to 100%. The loan continued to perform to the bankruptcy plan providing an excellent monthly cash return on VRE's purchase price. Within several years the borrower was able to refinance the note at a significant premium to VRE's purchase price.
