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.