Selected Transactions

Copper Creek


In November 2005, FPF purchased a non-performing loan secured by a 328-unit Class B/C apartment complex in North Dallas, and immediately foreclosed and took title to the asset. Despite the property’s state of disrepair (due to negligence of the previous owner), FPF recognized that the property and the submarket had considerable upside potential. FPF initiated a $1.5MM rehab effort with lender financing, which included fixing two (of 17) uninhabitable buildings, hardi-planking and painting the exteriors, rehabbing over 50% of the interiors, updating the electrical and plumbing systems, landscaping the property and repairing the driveways, fences and security gates. Through better management and capital improvements, FPF increased the occupancy from 70% to 87% in 12 months, while eliminating market concessions. FPF sold the property in December 2006.



Pluton


In April 2006, FPF acquired a non-performing loan secured by a FDOT on a 5,000 SF single tenant restaurant / nightclub in Chicago. FPF initiated the foreclosure process which wiped the SDOT with an SBA lender and mechanics liens. FPF took title to the property in September of 2007 and inherited a lease with the hottest nightclub in Chicago known as Stone Lotus. FPF collected rental income and sold the property in late October 2007.



Drawbridge Inn


In January 2007, FPF purchased a loan secured by a 385-room full-service hotel located in Fort Mitchell, KY. The Hotel is currently under a $5.
0MM renovation including soft goods, lobby upgrades, and convention space upgrades. Upon completion, FPF expects to sell the loan at par. FPF anticipates a 24-month hold



3000 Coliseum (aka Park 3000)


In October 2006, FPF purchased a non-performing loan secured by a 75,000 SF Class A Office Building located in Fort Wayne, IN. FPF purchased the loan at a discount. In January 2007, the partnership agreed to a Deed-in-Lieu, delivering the property to FPF. The property is currently 83% leased to Brown Mackie College, a creditworthy tenant. Creditworthy tenancy at the property includes a Goldman Sachs-owned entity, Educational Management Corp. who is reviewing a lease proposal for the entire building.



Sunset Crossing


In March 2007, FPF acquired a sub-performing loan secured by a 217,000 SF power retail center located in San Angelo, TX. FPF anticipates two possible exit scenarios. Upon releasing of the property, FPF will either work with the Borrower to refinance at a market rate loan or FPF will sell the loan at par to another financial institution.