Pine Ridge Apartments (112 Units) 305 W. Air Depot, Gadsden, AL. Williamsburg Town Homes (60 Units) 1000 Newton Street, Gadsden, AL
Royal Bank of Canada lent the borrower approximately $5,142,400 for both Pine Ridge Apartments and Williamsburg Town Homes on March 4, 2008. Strategic Holdings purchased the mortgages on both properties from Fannie Mae on June 17, 2013 for a total cost of approximately $3,116,000. The borrower deeded both properties to Strategic Holdings in October 2013 giving us clear title. On April 10, 2014, CBRE appraised both properties for a combined value of approximately $5,300,000. Very little work was done on both properties other than some light deferred maintenance. The properties were running over 90% occupancy. The sale of the properties resulted in an estimated profit of $2,400,000 including the “step up” profit at the time of taking title in 2013.