River Run Multi-Family Complex

Deal Summary:
– 2006 Construction on the 216 unit apartment complex began
– 2007 Original Developer defaulted on the construction loan
– 2007 Vision Ventures purchased the non performing note backed by 11.29 acres and all its improvements
– 2007 Vision Ventures purchased the fee simple ownership of the 11.29 acres and improvements
– 2008 Vision Ventures completed the construction of the 216 units and common amenities.
– 2008 Lease up began
– 2009 Vision Ventures successfully sold the River Run Apartment Complex

This project included a $17,600,000.00 Note Purchase secured by the River Run Apartment Complex, a 216 unit Luxury Apartment Complex on 11.29 acres in Spartanburg, SC.. There was a non-performing first position lien, the borrower was in foreclosure, the corporate guarantor was bankrupt and construction was 75% complete. Upon acquisition of the note and shortly after the fee simple ownership, Vision Ventures began the deconstruction and then reconstruction of the complex. Water intrusion issues caused the need for mold remediation in a number of the units. Construction was completed on every aspect of the property from site work to outdoor amenities, including a clubhouse and pool to all building shell and interior finishes. Lease up began in 2008 as the units became available. Vision successfully sold the property in September 2009 to AVR Realty based in NYC.
riverrun-apartments.com