Hawks Cay Resort
Duck Key, FL
PROPERTY CHARACTERISTICS
- Performing A1 and A2 senior notes secured by a resort hotel
ACQUISITION
- September 2011
INVESTMENT OPPORTUNITY
- Notes purchased at a substantial discount to par
- First mortgage loans were originated in February 2007 prior to the economic downturn
- Florida Keys lodging market has been historically defensive and resilient
EXECUTION
- Partnered with an institutional fund and developer to purchase the notes
- Borrower sold the resort in October 2013 to a lodging REIT for $133.8mm
- Collateral sale resulted in a payoff of the notes at par in October 2013
LEARN more
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