Burlington, NJ

In late 2019 we acquired a mortgage loan in default from a top 25 bank, the note was secured by a vacant retail property in prime Burlington, NJ. We then worked with the borrower and were able to come to an agreement where we assumed control of the property as is as well as all of it’s accumulated debts.

We are now in the process of planning for a ground up multi-family development to replace the existing structure. Acquiring the property in this fashion allowed us to begin our project with an extremely low basis compared to what the market would have valued the same vacant building at.