Advisory Services

Orchard Center

Toledo, Ohio

HighBridge Properties was engaged by a private investor to work out a distressed, $8.6 million loan used to acquire a free-standing grocery store in Toledo, Ohio. The investor had fallen behind on its loan payments when the parent company of the property’s sole tenant, a regional grocery chain, halted the chain’s operations and stopped paying rent on its existing leases. As a result, the lender was threatening to foreclose the property and, because the investor had personally guaranteed the loan, to seize agricultural land that the investor owned in California’s Central Valley.  We successfully negotiated a discounted payoff of the loan that saved our client $5 million. In exchange for eliminating its claims, the lender accepted $1.7 million in cash and took title to the property, which was valued at $1.9 million.