BPG through a predecessor company, Simon Baron, purchased the defaulted note on a partially complete high end condominium building with 130 units, 8,000 square feet of retail and parking for 80 cars. The unpaid balance on the note was in excess of $55 million. BPG purchased the note at a discount with Meadow Partners and completed the foreclosure. The project was completed and turned into high end rental apartments.
The property was sold in 2013.