4117 Crescent Street, LIC
BPG through a predecessor company, Simon Baron, purchased the defaulted note on a partially complete high end condominium building with 130 units, 8,000 square feet of retail and parking for 80 cars. The unpaid balance on the note was in excess of $55 million. BPG purchased the note at a discount with Meadow Partners and completed the foreclosure. The project was completed and turned into high end rental apartments.
The property was sold in 2013.
Lender
Deutsche Bank
Partner
Meadow Partners
BPG through a predecessor company, Simon Baron, purchased the defaulted note on a partially complete high end condominium building with 130 units, 8,000 square feet of retail and parking for 80 cars. The unpaid balance on the note was in excess of $55 million. BPG purchased the note at a discount with Meadow Partners and completed the foreclosure. The project was completed and turned into high end rental apartments.
The property was sold in 2013.
Lender
Deutsche Bank
Partner
Meadow Partners