RSF Fund V and C-III Capital Partners collaborated with Zeller Realty Group, an experienced operator in the Indianapolis metro area with whom RSF had a relationship, to acquire the defaulted mortgage on a 306,000-square foot, 3-building office complex located in Carmel, Indiana, a suburb of Indianapolis, for 59% of principal balance, and immediately foreclosed. At acquisition, the buildings were 60% occupied.
RSF sold one of the three buildings within six months of acquisition, which substantially reduced RSF’s basis in the acquisition. A subsequent financing funded capital improvements and leasing costs. The remaining two buildings were then leased to over 90% occupancy. This strong performance underscores RSF’s successful strategy of working with proven local operators.
3899 Maple Avenue, Suite 250
Dallas, Texas 75219