Special Situations

NCP invests capital into distressed, opportunistic and complex transactions where real estate is the primary form of collateral. Whether inside or outside of bankruptcy, NCP provides capital solutions to stakeholders through high-yield or convertible debt investments. Occasionally, NCP will provide total capital solutions, including equity, on an unlevered basis.

Typical special situation investments range in size from $5 million to $75 million of capital deployment with the ability to invest larger amounts in specific situations.

Representative Transactions

Bankruptcy

Bankruptcy Asset Acquisition

$20.4 million acquisition ($40 million committment) of 138 acres of residential development land entitled for 892 single family lots in Cathedral City, California.

Bankruptcy Note Acquisition

$37 million acquisition of a senior participation of a secured bankruptcy claim against Arambel Business Park located in Patterson, California. NCP foreclosed on its position and owns 679 acres of the industrial park.

Bankruptcy Exit Financing

$28.5 million exit facility to Specialty Trust, a bankrupt mortgage REIT. As part of the exit financing, NCP was named the manager of the liquidating trust.

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Debtor in Possession Loan

$15 million DIP loan to the Atlantic Club Casino Hotel in Atlantic City, NJ to fund operations during the Chapter 11 bankruptcy case.

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