Grand Pointe Shopping Center

Grand Pointe Shopping Center | Grandville, MI | Retail | Fund I

Fund I acquired the non-performing note secured by Grand Pointe Shopping Center for $1,750,000. The collateral was a 25,595 square foot retail strip center (shadow anchored by Costco) located in Grandville, Michigan. Fund I agreed to a loan restructure, which included a significant borrower pay down. The borrower paid monthly interest according to plan and repaid Fund I $2,650,000 upon securing a permanent loan.

Acquisition: REO
Duration of ownershop:  22 months
Equity Multiple:  2.72*
Gross Return: 89.11% IRR*

DISCLAIMER:

Past performance is not indicative of future results and there can be no assurance that Viking Partners Fund III will achieve comparable results.
*All amounts are reported on a Gross Basis, before fees to Viking Partners.