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Property: 116-room Extended Stay Hotel


Location: Urbandale, Iowa


Deal: Discounted Note Purchase


Transaction Summary:

JDI purchased the debt secured by the Property at a discount to the outstanding principal loan balance. After working out a deed-in-lieu of foreclosure with the borrower, JDI took ownership of the Property and completed a multi-million-dollar property improvement plan, or PIP. The JDI investment resulted in a stabilized, cash flowing asset with a discounted basis.

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