Diversified had acquired over $250 million of non-performing loans. It has successfully resolved it's holdings through various strategies including; (i) assisted sales transaction, (ii) forbearance agreements, (iii) loan modifications and (iv) deed-in-lieu conveyances.
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Summit Place Apartments - Lindenwold, NJ
Lindenwold, NJ - 148 unit apartment complex
Acquired a non-performing loan in September 2011 on 148 market-rate apartments. Successfully acquired the deed to the property through a foreclosure sale in early and subsequently completely renovated and repositioned the property to become the most desirable community in the local market.
Summit Ridge Apartments - Allentown, PA
Allentown, PA - 200 unit apartment complex
Acquired a non-performing loan in September 2011 for 200 market-rate apartments. Successfully acquired the deed to the property through a foreclosure sale and commenced completion of construction. Apartments feature designer kitchens with granite countertops, central air-conditioning, cherry wood cabinets, in-unit washers and dryers and private balconies or patios. Construction was completed in 2014.
Metrostop - Hoboken, NJ
113 unit fractured condominium
Acquired a non-performing $48 million construction loan in August 2008. Period modified loan with borrower and completed sales process for the 68 remaining units. Sell out completed in 2012.
60,000 square foot medical office space
Acquired a non-performing loan on two 30,000 square foot medical office buildings. Work out with borrower including deed in lieu. Buildings are actively being marketed for lease and sale.
Lower Broadway Redevelopment, Long Branch, NJ
Acquired a non-performing loan on a 10-acre redevolpment site in downtown Long Branch, NJ. Diversified was able to obtain deed in lieu of foreclosure and is currently working with city officials on a redevelopment plan that will encompass approximately 800 residential units and 80,000 square feet of retail space.