Having the capacity to move its capital with great expediency, JDI continually seeks unique, value-added acquisition opportunities. JDI's goal is to use its speed, flexibility and expertise to capture attractive transactions. Below are examples of the diverse transactions in which JDI has been able to identify and acquire such opportunities.

• We bought a 290-room, unflagged hotel in Lincoln, Nebraska with a joint venture partner and converted it to a Marriott. Through due diligence, it was apparant to us that this state capital city, home to the University of Nebraska, had a hospitality property shortage. Operational enhancement by our joint venture partner increased the asset's performance almost immediately.
  
  

• We were presented with an opportunity to acquire an office building at a high capitalization rate. While this was attractive, the deal required the assumption of a loan where virtually all cash flow was to be used to amortize principal. This generated significant—taxable income with no cash flow to pay the taxes. We structured around this by purchasing the building in a profit-sharing plan, thus avoiding the phantom income.
  
  
• We invested $2.7 million of preferred equity, subordinate to a $21.4 million first mortgage loan, for the acquisition of two apartment complexes, totaling 572 units, in a North Dallas submarket. Our funding was necessitated due to our partner's recent loss of its founder/CEO to cancer. Because of this, their usual joint venture equity partner chose not to fund this deal, while giving very little advance notice to our partner. In a compressed period, we underwrote and funded this transaction enabling our partner to close on its contract and preserve its hard money deposit. We allowed our partner to repurchase our interest at a pre-agreed upon yield when they were able to secure longer-term equity.
  
  
• With six business days left until the end of the fiscal quarter, an insurance company offered to JDI a vacant, 311,000 square foot office/industrial building that they had previously struggled to sell. At a steeply discounted price, we closed on this acquisition and proceeded to lease up all 198,000 square feet of the property's industrial space. We subsequently condominiumized the property in order to sell the 113,000 square foot office component to a rapidly growing local company. By selling this portion of the property at a significant increase over our initial cost, we were able to generate an attractive return and still have a property that generates significant annualized cash flow in excess of debt service.
  
  
• JDI purchased land, subject to a long-term ground lease, on State Street, one of Chicago's primary retail corridors. The land was improved with a 55,000 square foot, three-level retail building, and the ground lessee subleased the property to Toys-R-Us. After several years, Toys-R-Us vacated the building. This presented an opportunity for JDI to purchase the ground lessee's position and terminate the Toys-R-Us lease, in return for a large lease termination payment from Toys-R-Us. JDI then undertook a substantial renovation and conversion of the building to an attractive, more modern multi-tenant property.
  
  
• JDI invested with a Florida developer in the acquisition of a 393-unit, recently completed waterfront apartment complex in Clearwater, Florida. The prior owner had attempted a condominium conversion that did not work out well. JDI and its partners completed an extensive revamping of the project, adding a private marina, fitness center and spas, boat storage areas and other amenities. With these additions to the project and its highly sought-after waterfront location, the pace of condo sales improved rapidly. The project is now fully sold out and the investment generated substantial returns.
  
  
• JDI has recently invested with an Orlando-based developer in the acquisition of Church Street station, a landmark 7.3-acre property improved with 281,000 square feet of retail, office and ballroom space in downtown Orlando. In the 1970's under previous ownership, the property consisted of a series of themed restaurants, bars and shops and became the fourth largest tourist attraction in Florida. Over time, the property fell into despair and JDI and its partner purchased Church Street Station out of bankruptcy. With an extensive renovation of the property currently underway, virtually all of the retail space has been leased and the addition of a high-end luxury auto dealership and luxury hotel is underway.
  
  
• In what represents JDI's first investment in an operating company, JDI took a significant investment position in a destination club that simultaneously acquired, out of bankruptcy reorganization, the assets of another company in the industry. We saw tremendous potential for growth in this new industry and have come to believe the concept has huge potential. The company is currently the second largest destination club in the world. (see ultimateresort.com)