Validation of Investment Thesis

Underwritten IRR of 21.4% achieved an IRR of 28.3%

Significant Marketable Land

Sold all outparcels for $37MM to a public REIT to pay off the loan.

Experienced Sponsor

One of the most active distressed mall buyers in the country. The firm’s substantial in-house capabilities give them an advantage, which typically rely on third parties to handle various transaction processes

Strong Basis

Loan represents $42/SF or 49% less than recent comparable sales