Buena Vida Estates – 161 units

Melbourne, Florida

$965,000 D-I-P, 1^st Mortgage Loan

Collateral Description: 161 unit independent and assisted living facility, in 133,644 square feet, situated on 9.5 acres of land in Melbourne, Florida.

Borrower Description: Borrower/Operator sought Chapter 11 bankruptcy protection to seek relief from operating deficiencies.

Loan-to-Value: 13% LTV on current 90-day “quick sale.”  Property appraised at $7,500,000.

Status: Loan repaid in full after fifteen months.